GE Scraps $3.3 Billion Appliance Unit Sale to Electrolux

GE has scrapped a $3.3 billion plan to sell its home appliance business to the Swedish company Electrolux, a deal opposed by U.S. regulators over concerns about competition. The Fairfield, Connecticut, conglomerate said that it will continue to run the business as it looks for other options to sell it. General Electric Co. offered no reason for its decision in a brief statement released Monday. Electrolux is the world's second-biggest home appliance maker after U.S. rival Whirlpool (WHR). The Stockholm-based company sells most of its products in the U.S. under the Frigidaire brand.