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PRESIDENT Francois Hollande told US conglomerate General Electric today that a bid for French engineering company Alstom was not good enough.
The $17 billion (£10bn) bid for Alstom’s energy activities has prompted resistance within the French government, which is struggling to revive the country’s industrial base and stay globally competitive.
Alstom had welcomed the GE offer as “practically perfect” and was ready to accept, but it bowed to government pressure to wait amid discussion of other options.
President Hollande pointed out that even though the decision is up to Alstom, the government is an Alstom client and “has enough means of pressure to end up with something that is good for Alstom, good for French industry.”
Economy Minister Arnaud Montebourg, who has vociferously resisted foreign bids for French companies, is proposing a partnership instead of a straight buyout.
