Alstom’s position against French Government’s Proposal

Alstom’s position against French Government’s Proposal :Alstom rejects the proposal of the French Government regarding General Electric’s offer for Alstom’s energy business.

As reported earlier, both GE and Siemens are interested in acquiring Alstom’s Energy business. GE has proposed a 12.4 billion € takeover of Alstom’s energy business. French economy minister Mr. Arnaud Montebourg wrote a letter to GE, refusing their offer and instead proposing to establish and “equal partnership” to avoid an acquisition. The French government is concerned with disappearance of Alstom, losses of jobs and more important with France’s sovereignty over its Nuclear Activities. With this new offer, French government requested from GE to hand over its rail business to Alstom, instead of going with a simple acquisition. This proposal is also supported by French president Mr. Francois Hollande.

However in a conference call with Alstom’s CEO Mr. Patrik Kron, Alstom rejected the offer, since GE rail business is focused in USA. He stated that he is more interested in GE’s signalling activities and that he remained open to a potential offer from Siemens.

Siemens has said that it is “exploring” launching a formal offer for the company, with a potential bid thought to involve the transfer of Alstom’s energy business in exchange for its high-speed railway technology. Siemens would though retain control of its urban and regional rolling stock and signalling divisions.

Alstom’s position against French Government’s Proposal

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