Just in:  

You are here: Home»Articles & Letters»Articles»General Electric adds jobs to boost bid for Alstom power assets

General Electric adds jobs to boost bid for Alstom power assets

A take-over battle for parts of French power and rail group Alstom heated up on Wednesday, with US group General Electric promising to create 1,000 jobs in France, a source close to the matter said. The two bidders, General Electric and German group Siemens, now have two to three weeks to complete their moves to win Alstom's power generation division which they value in the range of about 10.5-12.5 billion euros ($14.3-17 billion).

The beleaguered French government is clearly glad to be able to play off two rival offers. After a meeting between French President Francois Hollande and GE head Jeffrey Immelt, the source said that "General Electric has undertaken to create 1,000 jobs in France." Referring to the counter offer from German group Siemens, a French presidential source said: "We are working in the context of two proposals."

At stake is the future ownership of Alstom's business focused mainly on making turbines and related equipment for power plants, including some nuclear facilities. This accounts for about 70 percent of sales by Alstom which is also a world leader in making railway rolling stock, including the TGV high-speed train. The fate of company, a top name in French industry, is a problem for the French Socialist government which is fighting to arrest a decline of French industry, to boost exports and cut record unemployment. Industrial decline, and a switching of jobs to plants abroad, together with unemployment and efforts to reduce a budget deficit, cost the government dearly in recent municipal elections and were factors in a drubbing again on Sunday in European elections.

Copyright Agence France-Presse, 2014


Index Closing Chg%
Arrow DJIA 18,024.06 1.03
Arrow Nasdaq 5,005.39 1.29
Arrow S&P 2,108.29 1.09
Arrow FTSE 6,985.95 0.36
Arrow DAX 11,454.38 0.19
Arrow CAC-40 5,046.49 0.14
Arrow Nikkei 19,531.63 0.06
Arrow H.Seng 28,133.00 0.94
Arrow Sensex 27,011.31 0.79

New 2015 adidas and Nike Soccer Cleats at Kicks Corner uk

Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 30, 2015
Reserves $17.717 bln