【英语财经】法国政府反对通用收购阿尔斯通方案 France to oppose GE’s $13.5bn Alstom deal

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2014-5-6 16:15

小艾摘要: The French government said it would oppose General Electric’s $13.5bn offer for Alstom’s energy business, saying that it wanted the US conglomerate to suggest a different and more equitable deal.In ...
France to oppose GE’s $13.5bn Alstom deal
The French government said it would oppose General Electric’s $13.5bn offer for Alstom’s energy business, saying that it wanted the US conglomerate to suggest a different and more equitable deal.

In a letter sent to Jeffrey Immelt, GE chief executive, signed by the French industry minister Arnaud Montebourg, it said it wanted a “balanced partnership” rather than a takeover.

Last week the Alstom board of directors accepted a GE deal which valued its majority energy business, which makes up 70 per cent of revenues, at $13.5bn, despite the clear unease of the government.

“French companies are not prey,” said Mr Montebourg last week, suggesting that he preferred a rival offer from Siemens of Germany, which would involve assets swaps to create two “European champions” in trains and power.

On Monday, in a letter published by Les Echos, the government said it wanted GE to offer a deal more akin to the successful 50:50 joint venture between GE and Safran in aircraft engines, rather than a straight takeover.

“The government would like to examine with you the means of achieving a balanced partnership, rejecting a pure acquisition, which would lead to Alstom’s disappearing and being broken up,” said the letter.

It added that as part of a new deal GE could transfer its railway assets into Alstom Transport. It said that otherwise the division would be too small to compete when the company’s majority energy division was carved out.

‘‘As it stands, we unfortunately cannot support the proposals you have made . . . based solely on the acquisition of Alstom’s activities in the energy domain,” said the letter.

The French government has the power to block takeovers of French companies in “strategic sectors”, although in practice it uses a mixture of tacit warnings, public threats and financial power to try to influence deals.

In the letter Mr Montebourg stressed Alstom’s strategic importance to the country’s nuclear industry.

At a joint press conference in Paris last week Patrick Kron, chief executive of Alstom, and Mr Immelt said they were confident their deal would be completed. “This is not my first time at the Elysee,” said Mr Immelt.

On Monday GE said in a statement: “We appreciate the engagement of the French government. We believe our proposal is good for France, for Alstom and for GE. As our letter to President Hollande stressed, we are open to continuing dialogue.”


在一封发送给通用电气首席执行官弗里?伊梅尔特(Jeffrey Immelt)、署名为法国工业部长阿诺德?蒙特布赫(Arnaud Montebourg)的信中,法国政府表示希望通用电气采取一种“对等的合作关系”,而不是收购的交易方式。



在《回声报》(Les Echos)周一公布的一封信中,法国政府表示希望通用电气能够采取新的交易方式,这种交易方式应该更接近通用电气过去与赛峰(Safran)之间的合作方式,而不是采取直接收购的办法。在此之前,通用电气曾与赛峰成功地以对等比例出资建立了一个合资企业。


法国政府还在信中补充说,作为新交易的一部分,通用电气可以将铁路资产转让给阿尔斯通交通运输公司(Alstom Transport)。它表示,如果不这么做,作为阿尔斯通主体的能源部门被剥离之后,阿尔斯通交通运输公司将会因规模太小而导致竞争力不足的局面。




阿尔斯通首席执行官柏珂龙(Patrick Kron)和伊梅尔特上周曾在巴黎召开一次共同记者招待会,会上两人曾表示对交易的达成充满信心。伊梅尔特表示:“这可不是我第一次来爱丽舍宫。”

在周一发布的一份公告中,通用电气表示:“我们对法国政府的关注表示感激。我们相信我们提出的方案对法国、对阿尔斯通以及对通用电气自身都是有利的。正如我们在写给奥朗德总统(President Hollande)的信中所强调的,我们对于继续对话持开放态度。”


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