GE and Siemens in Battle for Alstom Assets

ANGELA CHARLTON, Associated Press

PARIS (AP) — The chief executive of General Electric is promising to create jobs in France and trying to charm the French president into backing a $17 billion GE buyout of manufacturer Alstom’s energy operations.

Jeffrey Immelt met with President Francois Hollande in Paris on Wednesday. Two people close to the discussions said he confirmed that the deal would involve the creation of 1,000 jobs.

They also discussed where units of the new operation would be based, the officials said, on condition of anonymity because the sensitive talks are ongoing.

Struggling Alstom welcomes the offer. The French government has been resistant to foreign takeovers as it tries to revive domestic industry. It has sought other offers for Alstom, including from GE rival Siemens.

Currently weighing the risks and opportunities, Siemens has said it hopes to make a formal offer by June 16 to buy most of Alstom’s power assets.

Alstom’s board is to make a decision by June 23.

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