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General Electric moves closer to Alstom deal as shares in French giant surge


France

General Electric moves closer to Alstom deal as shares in French giant surge

Shares in French transport and energy giant Alstom surged as markets digested the announcement that the company has reacted positively to General Electric’s 10 billion euro bid for its energy arm.

The move comes despite government concerns over the future of a respected French industrial powerhouse.

Alstom has set up a committee of independent board members to review the pros and cons of the deal by the end of May to ally government fears.

As GE and Alstom move closer to doing business the door remains ajar for a rival bid from German company Siemens, which has offered an asset swap with Siemens taking on Alstom’s energy business and Siemens handing over its transport interest to Alstom.

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