LIVE: GE on $17bn Alstom bid

GE chief executive Jeff Immelt
GE CEO Jeff Immelt is speaking live about his company's dramatic bid to acquire the energy interests of Alstom, including its considerable renewables assets. We'll bring you the key points here and on Twitter @Rechargenews

0830 US EDT: We're due to hear from Jeff Immelt, which will be a relief to the hundreds of journalists and financial analysts who have covered this story since the US group's plan to take over Alstom was first mooted last week.

Just to recap this morning's news, GE wants to acquire the energy intrests of Alstom, renewables, grid and all, in a deal worth $17bn.

The full details are here.

Immelt. GE can add a lot of value to the Alstom business. This is a unique opportunity.

GE: Transaction expected to close in 2015.

GE: These are good assets. Alstom has a growing renewables arm with leading position in hydro and onshore and offshore wind.

GE Power & Water boss Steve Bolze: "There are many things we like about Alstom."

They include offshore wind and a leading hydro position.

Bolze: "We really like the Alstom leadership team".

Opportunities to grow service business. Alstom will allow us to expand it.

Bolze: We will have a broad portfolio in renewables, including offshore.

John Flannery, SVP business development: Alstom Grid greatly enhances our offering

GE CFO: Expect to see $1.2bn of synergies by year 5. "The transaction is very atractive to us finacially"

Immelt: This acquisiton is playing to our strengths. We announce this transaction at a time  when GE is performing well.

Now it's time for some questions.

Questioner asks why GE is getting back into areas, eg hydro, it previously exited.

Immelt points to advantages of scale.

Questioner asked if measures for synergy objectives are constrained by deal made with Alstom.

Immelt says there are multiple opportunities to achieve savings, many of them outside France.

Questioner: Why pursue this deal now?

GE: We've been talking since mid-February. It's a classic case of R&D, services, the things we can do well.

Financial analysts seem generally well disposed to the deal, but are mostly quizzing GE on conventional power issues.

Brazil approves QGER wind start-up

02 September 2014 05:21 GMT

Warnings on UK funding mechanism

02 September 2014 03:56 GMT

TenneT: Offshore lag continues

02 September 2014 03:16 GMT

Two extra years for Kriegers Flak

02 September 2014 03:07 GMT

Move on Brazilian local content

02 September 2014 10:59 GMT

Heritage fears sink wind project

02 September 2014 12:07 GMT

250MW of Polish wind sold

02 September 2014 11:41 GMT

JDR nets Dudgeon cable deal

02 September 2014 11:16 GMT

INTERVIEW: Hermann Albers, BWE

02 September 2014 09:05 GMT

Atlantic Array data made public

02 September 2014 09:46 GMT

IN DEPTH: Europe's wind capital

02 September 2014 09:15 GMT

Vestas gets 58MW Poland order

01 September 2014 05:44 GMT

IN DEPTH: UK offshore game-changer

02 September 2014 09:12 GMT

Glennmont round raises €500m

01 September 2014 04:34 GMT

Scots grant licence for EOWDC

01 September 2014 03:00 GMT

IN DEPTH: Siemens' bid to stay top

01 September 2014 09:13 GMT

Aikengall extension opposed

01 September 2014 02:31 GMT

Drive to cut UK offshore costs

01 September 2014 01:21 GMT

Met Office launches German service

01 September 2014 12:43 GMT

Mainstream switches strategy

01 September 2014 12:29 GMT

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?

Login


Recharge Monthly Magazine