GE confirms $13.5B enterprise value offer to acquire Alstom energy business

|By:, SA News Editor

GE confirms it made a binding offer of $16.9B (€12.3B) for Alstom's (ALSMY, AOMFF) energy business, opening official negotiations with the French company in an attempt to thwart a potential counterbid from Siemens (SI).

The offer consists of $13.5B (€9.9B) enterprise value and $3.4B (€2.5B) of net cash.

Alstom's board has appointed a committee of independent directors to review the transaction by June 2, leaving the door open for Siemens, which says it will bid for Alstom pending access to financial information.

French Economy Minister Montebourg says the government would not block a takeover if the state retained control over Alstom's nuclear activities.