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France throws support behind GE offer for Alstom

U.S. conglomerate General Electric Co. looked set Friday to win its months-long fight to acquire the power generation business of France’s Alstom SA after the French government dropped its objections and threw its support behind the American offer.
By GREG KELLER Published: June 21, 2014
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In brief

GE nears Alstom buy

U.S. conglomerate General Electric Co. looked set Friday to win its months-long fight to acquire the power generation business of France’s Alstom SA after the French government dropped its objections and threw its support behind the American offer.

GE, which has sought a deal with Alstom since April, gave the company until Monday to review the $17 billion offer.

Friday’s announcement ends months of uncertainty over whether GE would win the French government’s approval.

French economy minister Arnaud Montebourg said the government preferred GE’s offer to a rival joint bid from Germany’s Siemens and Japan’s Mitsubishi Heavy Industries, and would take a 20 percent stake.

Siemens and Mitsubishi made their bid Wednesday. An independent committee of Alstom’s board is scheduled to make a recommendation to the board before Monday.

Associated Press