France backs GE bid for industrial jewel Alstom | Bangkok Post: news

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France backs GE bid for industrial jewel Alstom

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France stepped firmly into the battle over Alstom on Friday, saying it favoured General Electric's 12.35 billion euro ($16.8 billion) bid and would take a 20 percent stake in the French industrial jewel. 

French Economy Minister Arnaud Montebourg gives a press conference regarding the bid for Alstom at the Economy ministry in Paris on June 20, 2014

Economy Minister Arnaud Montebourg said he had sent a letter of intent to GE head Jeff Immelt laying out the terms of the alliance, chosen over a rival offer from Germany's Siemens and Japan's Mitsubishi Heavy Industries.

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