GE to merge transportation unit with Wabtec

NEW YORK: General Electric Co announced a $11.1 billion deal on Monday to merge its transportation business with US rail equipment manufacturer Wabtec Corp , with GE and its shareholders owning just over half of the combined business.

The deal, first reported by Reuters on Sunday, is the biggest to be inked thus far by GE Chief Executive John Flannery since he announced a major overhaul of the US industrial conglomerate late last year.

The transaction values the GE transportation business, which makes train engines, at $11.1bn. GE will receive a $2.9bn up-front payment in cash and a 9.9pc stake in the combined company, with GE shareholders awarded 40.2pc and existing Wabtec shareholders owning 49.9pc.

GE shares rose 2.8pc to $15.39. Wabtec shares rose 4.3pc to $99.28.—Reuters

Total aims to expand Cyprus energy search

NICOSIA: French energy giant Total wants to expand its search for oil and gas off the coast of Cyprus, despite threats by Turkey over exploration, a senior company official said on Monday.

After joining forces with Italy’s ENI in two areas off the Cypriot coast, Total’s regional director Stephane Michel said the firm wanted to expand its partnership.

“We applied as well to enter block eight owned by ENI and wanted to come to support that demand,” he told reporters following talks with Cypriot President Nicos Anastasiades.

The country’s energy minister, George Lakkotrypis, said there had been “constructive discussions about the next steps” for Total to operate in Cyprus’s economic exclusive zone.

He welcomed Total’s commitment as “an extremely important development” which will strengthen the energy consortium.

Published in Dawn, May 22nd, 2018