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Being one of the top builders of power plants and transmission gear, hooking Alstom would be what some say is GE’s biggest acquisition ever.
A few months ago, the French government rejected GE’s original offer for ALO’s energy assets. But, the good news is: It’s open to a deal that would combine both companies’ rail businesses.
So, GE went back home to add some more meat to its proposal, and now its Chairman and CEO, Jeffrey Immelt, is back at it, taking his improved offer directly to the French government. “Alstom won’t disappear. Through our industrial project, France will have more jobs in the global power business than you do today. You will have more decision making with four headquarters,” Immelt assures the French government.
Immelt promises that over the next three years, GE will create 1,000 jobs at the French train and turbine maker. GE knows just how to reel them in…
Will the French Take the Bait?
This is exactly what France’s government wants to hear, especially at a time when unemployment is so high, and its economy is struggling. GE’s Chairman throws in a few more promises to the French government…
“There will be more R&D in France than today with broader technology. You will have more global impact through a larger sales presence. Alstom will not be absorbed by GE, rather the combined businesses will be a true global power leader, a true global power leader, based in France.”
Since GE and Alstom have been in talks, ALO shares have jumped 2%. Not so fast, though… GE still has more work to put in to seal the deal. In fact, its $16.9-billion proposal isn’t all that popular in France to begin with, as many would prefer a deal with someone a little closer to home. Not to mention, Siemens (SIE.DE), its German rival, is still trying to win Alston over, too. It has yet to go in for the kill by offering a bid, but it’s still circling around Alstom pretty closely, showing strong interest.
Bottom line: The French government has some decisions to make, and as we can see, GE is certainly throwing out bait that could bring home a real winner.
And “the chase” continues,
Oil & Energy Daily Research