Alstom-GE deal set for shareholder vote

FRANCE: Alstom has given an update on the acquisition of its energy division by GE, stating that French Foreign Investment authorisation has been obtained and the deal is set to go to a shareholder vote.

Alstom said the council consultations has also been completed, while the French economy minister, Emmanuel Macron, has given government approval. The next major hurdle will be a shareholder vote at Alstom's AGM on 19 December.

The update was given as part of Alstom's first-half results. In it the company said its renewable and thermal energy divisions had been officially classified as "discontinued operations" ahead of the acquisition.

Speaking about the acquisition, Alstom's chairman and CEO Patrick Kron said the deal would still be subject to regulatory approval if it passes the shareholder vote.

"After completion of this transaction, the group will focus on its transport business with positive perspectives for sales growth and operating profit improvement," he said.

"Alstom will rely on a strong balance sheet, as a large part of the proceeds from General Electric will be used to reinforce the Group and support its development."