The ongoing battle for control of Alstom’s energy arm has undergone a further twist.
The French government appears to favour the General Electric bid saying Paris will buy 20 percent of telecom giant Bouygues’ stake in Alstom.
The French government will retain a veto on any strategic decisions, which may impact on French jobs or the company’s well being.
The last 48 hours has seen General Electric sweeten its 17 billion US dollar bid.
Earlier Siemens and Mitsubishi Heavy Industries upped the cash content of their offer.
The outcome is not a foregone conclusion. The French group reaffirmed that its board would meet no later than Monday to review the situation.