GE 'to unveil revised Alstom offer'

GE will today present an improved offer for the energy interests of France’s Alstom, multiple reports claim.

The US industrial giant – which has the support of Alstom’s board for its current $17bn offer – is said to be ready to propose revised terms in areas such as jobs guarantees, investments and nuclear technology in an effort to gain the backing of the French government.

News agency Reuters quotes a source close to GE as saying: "The offer will, of course, be improved" when the company meets officials and unions tomorow.

Any sweetening of he proposal will come in the form of guarantees, rather than extra cash, according to Bloomberg.

GE has not so far commented on the reports, which come as the battle for Alstom enters its decisive phase ahead of the revised 23 June deadline set by the US group for the French company to consider its bid.

The long-expected counter-offer from Germany’s Siemens arrived on Monday, in conjunction with Japan’s Mitsubishi Heavy Industries.

The Paris government has made it clear it wants both offers to be improved – although Siemens CEO Joe Kaeser said yesterday he saw no reason to change his “already superior” proposal.

Reports in Germany today claimed Alstom’s management has already decided to reject Siemens/MHI’s offer.

The wind and renewable energy assets of Alstom have generally taken a back seat in a battle that has focused on Alstom’s thermal power and transportation operations.

GE has previously signalled that it may be prepared to sell the wind power operation to a French investor if its bid is successful. That has raised speculation of a deal to keep Alstom Wind in French hands though a deal with domestic rival Areva.

The Siemens/MHI plan envisages Wind and Renewable Energy staying 100% Alstom-owned as part of a wider group in which the Japanese giant becomes a significant investor.

Brazil postpones A-5 tender

02 September 2014 01:58 GMT

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

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?


Recharge Monthly Magazine