WASHINGTON (CN) - Shares of General Electric rose by 45 cents Tuesday after the Justice Department and European regulators approved its $9.5 billion purchase of France-based Alstom's power business, subject to two divestitures.
GE will have to sell Alstom's heavy duty gas turbine business to Ansaldo Energia, of Italy, and the Alstom division that makes after-market parts for other companies' power equipment.
GE announced separately, but at the same time, that it would sell some factories, loans and commercial property to Wells Fargo Bank and Blackstone for about $23 billion.
The deals are expected to help GE meet its second-quarter earnings target of $1.13 to $1.20 per share. GE shares rose from $24.51 to $24.96 on the news Tuesday.
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