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GE receives Hollande boost in attempt to buy Alstom

  • 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.
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Comments (1)
  • enrique murillo
    , contributor
    Comment (1) | Send Message
    Flexibility is the name of the game.
    I hope GE learned to negotiate with the EU, after the Honeywell disaster.
    Enrique Murillo Ex GE Mexico Director
    28 Apr, 05:37 PM Reply Like
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