Tags: General Electric | Siemens | Alstom | Jeffrey Immelt

GE Chief Vies With Siemens in Making Alstom Case to Lawmakers

Tuesday, 27 May 2014 02:11 PM

General Electric Co. and Siemens AG both presented competing proposals for Alstom SA’s energy assets to French lawmakers, each arguing their plan would best safeguard jobs and strengthen the country’s industrial base.

“We come to build, we don’t leave when times are tough,” GE Chief Executive Officer Jeffrey Immelt told lawmakers in a rare appearance of a U.S. CEO before France’s National Assembly, adding that “from France we can create the technology that the world needs.”

Siemens France Chairman Christophe de Maistre said earlier combining Germany’s largest engineering company with the energy business of its French rival would create European leaders in energy and rail.

Alstom, a maker of power equipment and the high-speed TGV trains, is coveted by the French government, which wants to extract the best guarantees from any bidder for jobs and the country’s energy independence.

GE already made a binding $17 billion offer, while Siemens has proposed swapping its trainmaking business for the French company’s energy assets. Siemens is doing due diligence and plans to present an official offer on June 16 at the latest.

French President Francois Hollande and Economy Minister Arnaud Montebourg have called on GE to improve its offer for the energy unit of Alstom, which is based in the Paris suburb of Levallois-Perret.

Hollande has said the bid is “not acceptable” and has called for stronger jobs guarantees, while Montebourg has publicly stated a preference for a proposal from Siemens.

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General Electric Co. and Siemens AG both presented competing proposals for Alstom SA's energy assets to French lawmakers, each arguing their plan would best safeguard jobs and strengthen the country's industrial base.
General Electric, Siemens, Alstom, Jeffrey Immelt
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2014-11-27
Tuesday, 27 May 2014 02:11 PM
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