BRUSSELS, (Reuters) - European Union antitrust regulators will give their blessing on Tuesday to General Electric's (N:GE) 12.4 billion euros (£9 billion) bid for French peer Alstom's (PA:ALSO) power business, its largest ever deal, two people familiar with the matter said on Monday.
European Competition Commissioner Margrethe Vestager will hold a press conference at 1400 GMT in Strasbourg to announce her approval following the weekly European Commission meeting, the sources said. The clearance, however, comes with conditions.
U.S. authorities, the other key regulatory approval still pending, are also expected to give their go ahead around the same time on Tuesday.
Reuters reported on Aug. 14 that the deal would be approved by the European Commission with conditions.
The EU green light will come as a relief to GE, 14 years after the Commission stymied its $42 billion (£27.4 billion) offer for Honeywell International despite clearance by U.S. authorities.
It will also allow it to implement a major cost-cutting programme 16 months after announcing the deal.