Fighting for custody: France backs GE bid for Alstom
French PM Valls hails sweetened GE offer, which includes government veto over sensitive nuclear energy technology.
PARIS:
France has stepped firmly into the battle over Alstom, saying it favours General Electric’s €12.35 billion ($16.8 billion) bid and will take a 20 % controlling stake in the French industrial jewel. Alstom’s board must decide quickly whether the group should enter into exclusive negotiations with GE before the offer expires on Monday. Economy Minister Arnaud Montebourg said Friday he had sent a letter of intent to GE head Jeff Immelt laying out the terms of the alliance, chosen over a rival offer from Germany’s Siemens and Japan’s Mitsubishi Heavy Industries. French Prime Minister Manuel Valls also hailed the sweetened GE offer, which includes a government veto over sensitive nuclear energy technology.
Published in The Express Tribune, June 22nd, 2014.
France has stepped firmly into the battle over Alstom, saying it favours General Electric’s €12.35 billion ($16.8 billion) bid and will take a 20 % controlling stake in the French industrial jewel. Alstom’s board must decide quickly whether the group should enter into exclusive negotiations with GE before the offer expires on Monday. Economy Minister Arnaud Montebourg said Friday he had sent a letter of intent to GE head Jeff Immelt laying out the terms of the alliance, chosen over a rival offer from Germany’s Siemens and Japan’s Mitsubishi Heavy Industries. French Prime Minister Manuel Valls also hailed the sweetened GE offer, which includes a government veto over sensitive nuclear energy technology.
Published in The Express Tribune, June 22nd, 2014.