【英语财经】通用电气修改阿尔斯通交易要约 GE bends to France on Alstom

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2014-6-20 06:20

小艾摘要: General Electric has revised its offer for French industrial champion Alstom in an attempt to appease government concerns and strike a killer blow against a rival bid by Siemens and Mitsubishi Heavy I ...
GE bends to France on Alstom
General Electric has revised its offer for French industrial champion Alstom in an attempt to appease government concerns and strike a killer blow against a rival bid by Siemens and Mitsubishi Heavy Industries.

In a significant concession to government demands, GE and Alstom will enter into a 50:50 joint venture for their combined power grid assets and another joint venture containing Alstom’s renewable assets.

There will be a third 50:50 joint venture mainly in nuclear technology, in which the government will get a “golden share” that would grant it a veto. This will “assure security and growth of nuclear steam technology for France”, GE said.

The overall $16.9bn value of the offer remains unchanged, but the US conglomerate has agreed to sell Alstom its rail signalling business in a bid to strengthen the French group’s remaining transport business.

Jeffrey Immelt, GE chief executive who is in Paris and is due to meet President Fran?ois Hollande, said there had been “constructive dialogue” with ministers and that the Alstom management had said that they were “very comfortable” with the deal.

He added a note of reassurance to GE shareholders as well: “The fundamental economics [of the deal for GE] have not changed that greatly.”

France’s Socialist government has been pressing GE to allow Alstom to preserve a minority stake in the business, with potentially a “tiny symbolic” stake for the French state as well, a senior official said on Wednesday.

The French government has given itself an effective veto over the deal. It is intending to make a decision on its preferred bidder by the weekend, the senior official said, who described the two offers as running “neck and neck”.

Alstom’s board has until Monday to decide between the two offers.

Siemens is offering ¢3.9bn for Alstom’s gas turbines business, while Japan’s Mitsubishi Heavy and partner Hitachi would pay ¢3.1bn to take minority stakes in joint ventures with Alstom in its steam, grid and hydro -divisions. With intense talks still under way with both sides, the government had viewed -Mitsubishi-Siemens as having a “slight advantage” because their proposal was based on forming a partnership with Alstom, not a takeover.

But the official said that if the GE offer “ticked the sovereignty box”, the bias would shift its way because its proposal was more straightforward.

通用电气(GE)已修订其收购法国工业龙头企业阿尔斯通(Alstom)能源部门的要约,以求化解法国政府担忧,同时一举挫败西门子(Siemens)和三菱重工(Mitsubishi Heavy Industries)联合发起的竞购。

GE和阿尔斯通将成立一家对半持股的合资企业,由其持有两家的电网资产,同时另一家合资企业将持有阿尔斯通的可再生能源资产。这是对法国政府要求做出的重大让步。

此外还会有第三家对半持股的合资企业,其主要业务是核技术,法国政府将在其中持有一份“黄金股”,据此得到否决权。GE称,这将“为法国确保核蒸汽技术的安全和发展”。

169亿美元的收购要约总价值保持不变,但GE这家美国企业集团同意向阿尔斯通出售其铁路信号业务,以求加强这家法国集团剩余的运输业务。

GE首席执行官杰弗里?伊梅尔特(Jeffrey Immelt)正在巴黎,他将会晤法国总统弗朗索瓦?奥朗德(Fran?ois Hollande)。他表示,公司与部长级官员们开展了“建设性的对话”,而且阿尔斯通的管理层已表示,他们对这笔交易“非常满意”。

他也向GE股东提供了一粒定心丸,表示:“(对GE来说,这笔交易)根本的经济性并没有很大改变。”

一名高级官员周三表示,法国社会党政府一直在敦促GE让阿尔斯通保留能源业务部门的少数股权,潜在还为法国政府留出一份“微小的象征性”股份。

法国政府在这笔交易上已授予自己有效否决权。上述高官表示,法国政府打算本周末决定哪一家公司是其首选投标人。该名官员称,目前两份要约“不相上下”。

阿尔斯通的董事会最迟可在下周一在两份要约之间做出决定。

西门子出价39亿欧元收购阿尔斯通的燃气轮机业务,而日本的三菱重工及合作伙伴日立(Hitachi)计划斥资31亿欧元与阿尔斯通成立蒸汽、电网和水电部门的合资企业,日方持少数股权。在与双方都仍在进行紧张商讨的同时,法国政府此前认为三菱-西门子具有“微弱优势”,因为它们的提议是基于与阿尔斯通结成合作伙伴关系,而不是收购。

但上述高官表示,如果GE的要约“在主权的方格打勾”,优势将向这家美国公司转移,因为它的提议更加直截了当。

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