Nod for Alstom energy arm鈥檚 sale to GE
Print Edition
SHAREHOLDERS approved yesterday the 12.4-billion-euro (US$15.2 billion) sale of Alstom’s energy assets to US group General Electric, and the French company will refocus on high speed trains.
“It is the best solution for the future of Alstom,” Chief Executive Patrick Kron said at the meeting marked by sharp exchanges, saying the company had lost sufficient scale to compete in the energy sector.
Nevertheless, the sale that sees Alstom sell off about 70 percent of the company, was approved by 99.187 percent of the votes.
GE won a two-month deeply political battle to buy Alstom’s energy arm in late June, in the face of initial French government opposition and a rival joint offer from Germany’s Siemens and Mitsubishi Heavy Industries of Japan.
GE snapped up the prize of Alstom’s gas turbine unit — a large, lucrative business with long-term contracts and income stream that complements GE which is already the world leader in the sector.
But it had to agree to a number of other deals in order to win over the French government, which has a veto over sales in strategic sectors of the economy, and which was worried about job losses amid a recession and high unemployment.
GE also agreed to take on Alstom’s nuclear, steam turbine, offshore wind and hydro power businesses, which it will run as 50-50 joint ventures with French shareholders including, most importantly, the government.
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