U.K.'s GEC Mulls Buying Electronics Maker, Papers Say (Update1)
Bloomberg News
April 4, 1999, 6:18 a.m. PT
(Adds spokesman declining to comment in 2nd paragraph.)
London, April 4 (Bloomberg) -- General Electric Co. Plc,
one of the U.K.'s biggest manufacturers, is in talks to buy one
or two telecommunications equipment manufacturers to expand in
the fast-growing electronics industry, newspapers said. The
Sunday Times, Sunday Telegraph and Sunday Business all said the
company, which is selling its Marconi electronics systems
business to British Aerospace Plc, will pay more than 1 billion
pounds ($1.6 billion). The Times said it would buy a U.S data-
networking maker and possibly the telecommunications business of
Robert Bosch GmbH of Germany, while the Telegraph said GEC is
believed to be interested in the data-networking business of
First Data Corp.; Sunday Business said GEC is examining several
targets including Internet-product maker Fore Systems, Inc.
A spokesman for GEC, which last month agreed to acquire
U.S.-based Reltec Corp. for $2.1 billion in cash and assumed
debt, declined to comment. Reltec makes devices that help local
phone networks carry more calls, to expand its communications-
equipment business.
(Sunday Times, 4/3 B1, www.the_times.co.uk; Sunday Telegraph,
4/3 B2, www.telegraph.co.uk; Sunday Business 4/3 3.)
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