In a conference call Wednesday morning detailing GE’s €12.4bn ($17bn) offer for Alstom’s power and grids businesses, Immelt confirmed that the two companies have been in close discussions for more than two months.
“They reached out to us in mid-February,” Immelt said, adding that due diligence “really took place over the last three weeks or so, at most”.
In explaining Alstom’s desire to sell its power and grids divisions, Immelt said: “I think the thinking inside Alstom was over the medium- and long-term, do they really have the scale and reach to do all the things that you have to do to be successful in the global energy business?”
GE chief financial officer John Flannery added that while Alstom has “good assets” and...
