Alstom Ponders GE’s $13.8B Offer
The board of directors of France-based Alstom has received a binding offer from General Electric (GE) to acquire its energy activities for $13.82 billion, encompassing its thermal power, renewable power and grid sectors, as well as corporate and shared services. With 65,000 employees, these businesses registered $19.16 billion in sales in fiscal year 2012/13. Should this offer be approved and completed, Alstom would refocus on its transport activities.
Alstom’s board of directors will set up a committee of independent directors to review the proposed transaction before the end of May.
The board also reviewed a declaration of interest received from Siemens, regarding an alternative transaction. Siemens will have fair access to information needed to make, should it decide to do so, a binding offer. According to Reuters, Germany’s Siemens will make an offer if Alstom gives it four weeks to conduct due diligence.
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