It was announced on Monday that Spain’s largest utility company Iberdrola SA has agreed to sell its French renewable energy unit to two French firms and American diversified technology and energy giant General Electric Company (GE).
Overall, the deal will be worth €350 million, or $462 million, including the sale price, loans, and debt repayments. GE is said to be in position to acquire 40% of the French wind farms that Iberdrola is selling.
GE shares were down slightly in premarket trading on Monday. The stock is up +14.13% year-to-date.
The Bottom Line
Shares of General Electric (GE) have a 3.72% dividend yield, based on last Friday’s closing stock price of $20.44. The stock has technical support in the $19-$20 price area. If the shares can firm up, we see overhead resistance around the $22-$23 price levels.
General Electric Company (GE) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.