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Alstom board approves GE bid to buy power business

Published on NewsOK Modified: June 21, 2014 at 4:45 pm •  Published: June 21, 2014
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PARIS (AP) — The board of Alstom SA has unanimously approved GE's $17 billion offer to buy the French company's power generation business, the companies announced Saturday.

GE says that if shareholders and workers' representatives approve, the deal to buy Alstom's gas and steam turbine-making operations will close sometime next year.

The move is another step for GE toward its new focus on building and servicing big, complicated industrial equipment such as aircraft engines, power plant turbines and oil and gas drilling equipment. The U.S. company sold its remaining interest in NBC Universal last year as part of the new strategy.

GE has been fighting for months to make the Alstom deal, and on Friday, the French government dropped objections and supported the company's offer. The deal is still subject to the French government buying a 20 percent stake in Alstom, and that deal is expected soon.

French President Francois Hollande said on Saturday that the government expects rapid progress on the talks.

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