Alstom board backs bid by General Electric
Published on Jun 22, 2014 6:24 AM
PARIS (AFP) - The board of directors of French power-to-rail group Alstom on Saturday unanimously approved US conglomerate General Electric’s bid to acquire its energy business.
“The board of directors unanimously decided to issue a favourable opinion of GE’s offer” and will begin consultations with personnel, a statement said.
The statement comes a day after the French government stepped firmly into the battle over Alstom, saying it favoured General Electric’s 12.35 billion euro (S$20.9 billion) bid for Alstom, while also announcing a surprise caveat that it would take a 20 per cent controlling stake to preserve French strategic interests in its industrial jewel.
The French government plans to acquire that 20 per cent stake by purchasing two-thirds of the shares owned by another French group, Bouygues.
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