GE talks up $30bn war chest

first_imgWednesday 1 September 2010 8:21 pm GENERAL?ELECTRIC could spend up to $30bn (£19bn) on acquisitions over the next two to three years while continuing to raise its dividend and buy back shares, a top official said yesterday.But John Rice, a vice chairman of the largest US conglomerate, cautioned that “$30bn-ish” figure is not a commitment to spending.“That doesn’t mean that we’ll spend that money; it doesn’t mean that we won’t do more with the dividend or with the buyback,” Rice, who heads the company’s technology infrastructure unit, told investors.“If we were to conclude that there aren’t the deals out there that make sense, we might do less than that. We’re not going to chase bad deals just so that we can say we spent ‘X’ billion on M&A,” he said.Executives at GE, who spent much of the past few years jealously guarding the company’s cash as it rode out a brutal downturn that shook its hefty finance arm, have changed their tone since the company broke a nine-quarter streak of profit declines in the second quarter.The world’s largest maker of jet engines and electric turbines said in July that it would raise its dividend — which it had slashed during the recession — by 20 per cent starting in the third quarter, a move that came earlier than Wall Street had expected.It also said it would resume buying back its shares, a practice it had suspended in September 2008. The board has authorised it to buy back up to $11.6bn in shares. whatsapp Share whatsapp Tags: NULL More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutAll Things Auto | Search AdsBuick’s New Lineup Is Truly StunningAll Things Auto | Search AdsThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save ThousandsThe No Cost Solar ProgramLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailHero Wars This game will keep you up all night! Hero Wars Serendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Times GE talks up $30bn war chest Show Comments ▼ KCS-content last_img

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