France Gets EU Backing for Takeover Decree
France has received EU backing for a new decree allowing the government to block foreign takeovers of French companies in strategic industries, Economy Minister Arnaud Montebourg said on Thursday. In a surprise move, the government widened in May its control over mergers in industries deemed key to France's national interests as General Electric was seeking to buy the energy assets of French group Alstom. "The European Commission in recent days notified the French government of its approval of the decree as perfectly in line with European treaties," Montebourg said in a speech.
Alstom Workers Relieved as GE Wins Takeover Bid
For Alstom workers in eastern France, news that General Electric has beaten rival bidder Siemens to a tie-up with their firm has brought relief and a response perhaps best summed up by the saying "better the devil you know". In the town of Belfort, some 2,500 Alstom employees have worked for more than a decade building electrical turbines just a few dozen metres (yards) away from a GE plant, whose workers they meet each day at lunchtime in a shared canteen. While French…
France Picks: GE is the One for Alstom
France chose General Electric to form an alliance with Alstom on Friday - rejecting an offer from Siemens and Mitsubishi Heavy Industries - but said the deal still needed some work and added it would buy a 20 percent stake in the hotly-contested company. Economy Minister Arnaud Montebourg said he had used a newly- created state decree to reject both of the existing offers as not being in France's strategic interest, and had formulated fresh demands to GE Chief Executive Jeff Immelt.
French Govt to Work with GE on New Alstom Plan
French Economy Minister Arnaud Montebourg said neither the General Electric (GE) offer or the joint Siemens-Mitsubishi Heavy Industries offer for Alstom power assets had met the government's demands, but that France would work with GE on defining a new proposal. "The Siemens-MHI offer was serious but the government has made up its mind," Montebourg told a news conference. The French state would purchase a 20 percent stake in Alstom from main shareholder Bouygues at market price, he said, adding that it was vital that key decision-making centres of the group would remain in France.
France Expects Better GE Offer For Alstom
France expects General Electric to boost its bid for Alstom's power unit in response to a potential joint offer from Siemens and Mitsubishi Heavy Industries, Finance Minister Michel Sapin said on Sunday. Siemens and Mitsubishi are putting the finishing touches on an offer for Alstom's turbine businesses, including a cash element of roughly 9 billion euros ($12.3 billion), according to sources close to the bidders. That compares with the U.S. conglomerate's existing offer of 12.4 billion euros ($16.9 billion) for all of Alstom's energy assets.
Mitsubishi, France could take equal stakes in Alstom
Mitsubishi Heavy Industries and the French government would take equal stakes in Alstom as part of a rival offer to that of General Electric, a trade union representative said following a meeting with economy minister Arnaud Montebourg. "The minister described Mitsubishi's offer...Clearly, this is an alliance scheme that counters GE's proposal," said Gabriel Artero, CFE-CGC representative of France's steelworkers federation. "The state and Mitsubishi would take joint and equal stakes in Alstom…
GE Boss Faces Public Alstom Grilling in Paris
General Electric boss Jeff Immelt faces a public French parliamentary grilling in person on Tuesday over his high-stakes plan to buy the power arm of engineering group Alstom, replacing a subordinate at the last minute. A statement from the parliamentary economics committee late on Monday put Immelt on its agenda for Tuesday's hearing, which was scheduled originally last week with the head of GE France, Clara Gaymard, on the stand. Immelt is scheduled to speak in defence of his 12.35 billion euro ($16.9 billion) bid for Alstom's power arm at 1630 GMT…
Siemens Asks Alstom For More Info
Germany's Siemens wrote to Alstom on Tuesday asking for more information ahead of a likely offer for the French company's power business, French Economy Minister Arnaud Montebourg said. Alstom is already in talks with U.S. conglomerate General Electric over a 12.35 billion euro ($16.9 billion) bid for its power arm, which it is due to review by June 2. Under pressure from the French government, however, it has opened its books to Siemens as well. Sources have told Reuters…
Areva Confirms to Change Management Structure
State-owned French nuclear power engineering group Areva confirmed on Tuesday that it would change its governance structure after pressure from its main shareholders, the state and the French Atomic Energy Commission. The move creates a single board of directors, replacing a two tier structure where an executive board is overseen by a supervisory board. "The objective of this reform is to provide better support to the general management team, with a clear sharing of roles and more collaboration between the board of directors and general management…
France Opposes Current GE offer for Alstom Assets
The French government cannot give its backing to General Electric's bid for Alstom's energy assets in its current form, the industry ministry said on Monday. However, the government would look positively on an offer that combined GE's rail business with Alstom's, Industry Minister Arnaud Montebourg wrote in a letter to GE CEO Jeff Immelt. Alstom said last week it was reviewing a binding $16.9 billion bid from the U.S. conglomerate for its energy arm, though it has also left the door open to a rival offer from Germany's Siemens.
Alstom Accepts 10 Bln Euro GE Bid For Its Energy Unit
The board of Alstom accepted General Electric's 10 billion euro ($13.82 billion) bid for its energy unit on Tuesday, several sources familiar with the situation told Reuters. Sources said GE is not in exclusive talks with Alstom. The French transport-to-turbines group is also set to receive an offer from its much larger German competitor Siemens AG , which said it had sent a letter to Alstom after its managing and supervisory boards had decided to make an offer. Alstom is expected to make a statement about the two offers early on Wednesday…
Siemens About to Present Alstom Offer
Germany's Siemens is about to make a detailed offer for the power business of ailing French group Alstom, French Economy Minister Arnaud Montebourg told parliament on Tuesday. "An offer from Germany's Siemens .. is in the process of being filed into the hands of the board of directors of Alstom," Montebourg said, defending his government's intervention after learning last week that U.S.-based GE was seeking to buy the arm that makes up 70 percent of Alstom's revenues. (Reporting by Geert De Clercq; editing by Mark John)
Germany Voices Support for Siemens-Alstom Deal
The German government voiced support on Monday for a deal between Siemens and France's Alstom, saying mooted plans for a swap of energy and rail assets could offer "great opportunities" for both countries. The German engineering group, which missed out on acquiring Alstom assets a decade ago due to opposition from the French government, is reportedly ready to offer the French firm half of its train-making business plus cash in exchange for Alstom's power turbines division. The French government wants to find alternative bidders to U.S.
Siemens And France Weigh In As GE Eyes Alstom Deal - Update
Siemens and the French government intervened in General Electric's plan to buy the power arm of Alstom on Sunday with an alternative European "champions" tie-up proposal and a pledge to act inFrance's national interest. Though French trains-to-turbines maker Alstom is privately owned, firebrand Economy Minister Arnaud Montebourg issued a stark reminder of the influence the government holds over a company that relies heavily on orders from state rail operator SNCF and partly state-owned utility EDF.
Siemens Weighs In As GE Prepares Alstom Power Deal
Alstom's arch rival Siemens wants talks with the struggling French engineering group, the German company said on Sunday, the day General Electric boss Jeff Immelt is due in Paris to thrash out a deal to buy Alstom's global power arm. Siemens said in a statement that it had written a letter to "signal its willingness to discuss future strategic opportunities" with the French group. France's government has said it wants to find alternatives to the GE offer, which sources say puts a value of $13 billion on the turbines and power grid equipment business and could be announced in days.
French Government Will Block Hasty Alstom Deal
France's Economy Minister Arnaud Montebourg confirmed for the first time on Sunday that both General Electric and Siemens were interested in engineering group Alstom and said he would not allow any hasty decisions. In a statement, he said he first learned of GE's interest on Thursday and then of Siemens' proposal earlier on Sunday. He said the government was ready to look at both proposals but "will not accept that a decision is taken, whatever it might be, in haste" and without knowledge of what was in the national interest and what alternatives there might be.
GE In Talks To Buy Alstom's Power Arm
U.S. industrial conglomerate General Electric Co is in advanced talks to buy the global power division of struggling French engineering group Alstom SA for about $13 billion, sources familiar with the matter said on Friday. Sources said a deal was backed by Alstom's main shareholder, French conglomerate Bouygues with 29 percent, and could be announced in the coming days after an Alstom board meeting on Friday afternoon. The board was due to meet again on Sunday to discuss the transaction, French daily Le Figaro said.
LyondellBasell Ends talks on Berre Refinery Sale
Refiner LyondellBasell said it had pulled out of talks to sell its Berre refinery in southeastern France to Monaco-based Sotragem, adding that the bid offered no guarantee that the mothballed site would restart. Economy Minister Arnaud Montebourg announced last month that privately owned Sotragem had made an offer to buy the refinery near Marseille, a deal that would have run counter to the trend that European refineries are closing due to overcapacity. U.S.-listed LyondellBasell…
