France wants improved offers for selling Alstom

GMT 21:21 2014 Tuesday ,17 June

Arab Today, arab today France wants improved offers for selling Alstom

France tells GE and Siemens: Alstom proposals still not good enough
Paris - XINHUA

France on Tuesday called on interested bidders to improve their offers to acquire the energy arm of Alstom, France's main engineering group, according to local media.
"Discussions will continue this week between the state and different companies. Bids must be improved," local broadcaster Europe1 said, citing a source close to the issue.
Earlier on the day, French President Francois Hollande received leaders of Germany's Siemens and Japan's Mitsubishi Heavy Industries who presented a joint offer of 7 billion euros (9.48 billion U.S. dollars) in cash.
At the same time, in its takeover bid, the American General Electrics (GE) offered a sum of 12.35 billion euros and committed to creating 1,000 jobs in France by opening new sites in the country.
In a statement posted on its website, Alstom said it will review the Siemens and MHI offer in the coming days. It would also make a decision on the GE bid by June 23.
The French power equipment and train manufacturer offered to sell its thermal power, renewable power and grid businesses with a worth of 14.8 billion euros, to help reduce its debts which stood at 3.3 billion euros last September.
The company employs over 93,000 workers in more than 100 countries. It posted total sales of 20.3 billion euros in the 2012/2013 fiscal year. (1 euro = 1.354 U.S. dollars)

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