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France

France

GE expected to make consessions over Alstom bid

FRANCE: GE chief executive Jerry Immelt is meeting with the French government today for discussions in which he is expected to make further concessions to win favour for the company's bid to take over Alstom.

GE CEO Jerry Immelt is meeting with French government officials
GE CEO Jerry Immelt is meeting with French government officials

Immelt is set to argue GE's case to officials, including France's economy minister Arnaud Montebourg, and union leaders.

This is the third time that he has visited Paris since GE officially made its EUR 12.35 billion for the French manufacturer's power business.

Winning over the French government is key to the bid's success as the authorities have increased their powers, essentially giving themselves the power of veto over any deal.

The government is looking to push GE towards allowing a minority stake to remain in French hands. It is also pressing for greater guarantees over French jobs.

Siemens and Mitsubushi Heavy Industries put forward a competing bid this week that would leave large parts of the company controlled by Alstom. The EUR 7 million bid would leave the wind division untouched.

While this might be looked on more favourably by the government, the German press has reported that Alstom is keener on the more lucrative GE bid.

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