Newspaper article International New York Times

G.E. to Sell French Consumer-Finance Unit

Newspaper article International New York Times

G.E. to Sell French Consumer-Finance Unit

Article excerpt

Cerberus Capital Management is the latest to scoop up a piece of General Electric as it sheds certain businesses to focus on its industrial roots.

General Electric said on Thursday that it had received a binding offer from an affiliate of the private equity firm Cerberus Capital Management for its French consumer-finance business as the conglomerate continued its retreat from finance.

The sale of GE Money Bank in France, as well as operations in certain French overseas territories, would be the latest shedding by General Electric as it sought to focus on its industrial roots after years of expansion into finance.

Last year, G.E. said it would sell the bulk of its finance arm, GE Capital. Since then, GE Capital has entered into agreements for asset sales worth about $177 billion. …

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