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ge raises stake in sweden\'s arcam by buying shares from hedge funds

by:Tuowei     2019-08-26
(Reuters)-
General Electric Corporation (GE. N)
On Wednesday, it said it would increase its stake in Swedish 3D printer maker Arcam AB ARCM.
After buying shares from hedge funds Elliott and Polygon, ST rose from 95% to around 77%.
GE said it would buy a stake in Elliott and Poly investment group of 3. 45 million Swedish krone ($41. 44)each.
GE also said it plans to acquire all of Arcam\'s remaining shares in the mandatory acquisition process and asked the company to withdraw its shares from the Nasdaq Stockholm exchange.
In October 2016, after GE announced a preliminary tender for the 3D printer maker, activist Elliot held a 10% stake in Arcam, but the hedge fund declined.
GE later rose 5% in its first offer to increase it to 300 crowns per share, and Arcam said GE\'s offer was completed in November 2016.
A spokeswoman for Elliott declined to comment, while Polygon did not respond to a request for comment.
Arcam shares rose 11% to 346.
50 Swedish crowns
3D printing has been used to make prototypes for decades, but has become more and more common in industrial mass production in recent years, with applications including the production of crowns, medical implants and light aircraft parts.
GE has always been one of the main proponents of industrial 3D printing, using it to make fuel nozzles for its new LEAP jet engine, marking a big step in using the technology in mass production.
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