Posts Tagged “germany”

General Electric has extended the deadline for its $16.9bn bid for the energy sector of Alstom. This will give the firm more time for talks with French ministers in the hope it will secure support for the deal.

Alstom announced last month that it is to sell off its energy part of the company in order to strengthen its transport business. Read more in our previous blog Alstom may sell off energy business

The American multinational is trying to ease concerns over the selling one of France’s flagship companies to a foreign buyer, by offering concessions on issues such as access to technology, French ownership of part of the business, and employment.

The deadline for a formal decision from Alstom on the GE offer has been extended until 23rd June. This is giving GE 3 extra weeks for negotiations with the government.

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Auditing firm Grant Thornton interviewed a large number of chief executives, managing directors, chairmen and other senior executives of listed and private businesses to get their views on the euro.

Over 90% of the 3,100 interviewed wanted the single currency to remain in operation with three in four stating that being in the euro had benefited their company. The senior company executives in the European Union still strongly support the single currency.

Companies in France and Germany were less optimistic on the prospect of further integration between member states compared with this time last year. In Germany, 55% of companies are now open to further economic integration, down 20% from this time last year. In France, support has dropped 12% to 57%.

France and Germany have usually been the driving forces behind the EU project and together they account for nearly half of the Eurozone GDP but now they are now united in further integration to Europe.

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Alstom is a French world leading energy solutions and transport company. The company is to sell off its energy business in order to strengthen its transport business.

General Electric has put in a bid for Alstoms energy business and the company is reviewing the offer. Although Alstom are also leaving the door open for a competing offer from Germany’s Siemens.

GEs offer for Alstom’s thermal power, renewable power and grid businesses is said to have totaled $16.9 billion, including enterprise value of $13.5 billion and $3.4 billion of net cash.

If Alstom do sell their energy part of the business they want to strengthen their transport part of the business for which they are also a global leader. One of the strengthening aspects is to include production of “TGV” high-speed trains.

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