AFP, Paris :
The board of directors of French power- to-rail group Alstom on Saturday unanimously approved US conglomerate General Electric’s 12.35 billion euro ($16.8 billion) bid to acquire its energy business.
“The board of directors unanimously decided to issue a favourable opinion of GE’s offer” and will begin consultations with personnel, a statement said.
The statement came a day after the French government stepped firmly into the battle over its industrial jewel Alstom, saying it favoured General Electric’s bid over a rival joint offer from Germany’s Siemens and Japan’s Mitsubishi Heavy Industries.
GE boss Jeff Immelt hailed the deal, saying it was “good for France, GE and Alstom” while adding that it would not be finalised before next year.
