GE receives Hollande boost in attempt to buy Alstom

|By:, SA News Editor

French President Francois Hollande doesn't oppose GE's (GE) proposal to acquire Alstom's (ALSMY) energy assets, Bloomberg reports.

Hollande's view is different from that of Industry Minister Arnaud Montebourg, who supports a deal in which Alstom would swap its energy operations for some of Siemens' (SI) rail business.

Hollande and GE CEO Jeff Immelt held talks in Paris today in a meeting that focused on protecting jobs and ensuring that France’s nuclear industry remains independent. Hollande is due to meet Siemens CEO Joe Kaeser and Chairman Gerhard Cromme as well.

GE argues that its proposal would lead to fewer job cuts, as it has smaller overlaps with Alstom, while Siemens is willing to make guarantees about jobs and executive positions.

Meanwhile, Germany's government hopes Siemens wins out, Reuters reports, believing that it would be a great opportunity for France and Germany.