GE’s Immelt Meets President Hollande And Sweetens Bid For Alstom

Posted on May 29, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

General Electric is sweetening the deal for the power assets of Alstom. GE chief Jeff Immelt met with French President Francois Hollande and promised to create 1,000 new jobs in France within three years as part of the takeover. The French president’s office had been criticizing this deal valued at $16.9B USD up until the meeting. Right now in France, more than 3.3 million people, or more than 10% of the workforce, are unemployed, and Hollande has been under pressure to preserve local jobs. Earlier this month, the French government gave itself veto power on transactions and the intent is to prevent deals, especially foreign deals, that take away French jobs. The new proposal from GE will protect jobs in the country’s industrial space.

Source: https://uk.finance.yahoo.com/video/ges-immelt-meets-president-hollande-184118077.html