GE Energy's deal to sell its hydro business to Pescarmona Group of Companies has fallen through.
Sources from both GE and Pescarmona, parent company of Argentina based IMPSA, have confirmed the deal has not gone through, and that GE will continue to operate the hydro business.
The sale, originally announced in December 2006, was to include GE’s worldwide hydro business, apart from its operations in Norway and Sweden. The sale was expected to close in the first quarter of this year.
No reasons have yet been disclosed for the breakdown in negotiations.