French state mulling taking stake in Alstom as deputies call into question GE's offer
The French state is considering teaming up with Japan’s Mitsubishi Heavy Industries and Siemens of Germany in its proposal to French power and trains group Alstom, le Parisien reported.
Quoting newswire AFP, the daily on Saturday noted comment from union metal works federation leader for CFE-CGC, Gabriel Artero that the state’s blueprint for the group’s future includes the option of the state taking a shareholding equal to to the German and Japanese parties.
Artero told AFP that one scenario would be Siemens taking on the French wind turbines operations as a sort of complementary partner. While Artero cautioned that the final proposal remains sketchy, unions would take issue with the state being the majority shareholder. The Japanese-German offer would come in at about EUR 9bn, according to a Reuters report quoted in Journal du Dimanche.
Unions are due to meet with government officials on Monday, le Parisien noted.
Meanwhile, JDD reported that all the players will keep busy over the weekend. MHI and Siemens have both convened board meetings with a view to making an appealing offer tomorrow (Monday), JDD noted without sourcing. Top shareholder Bouygues has not ruled one way or the other, a spokesperson for the group noted.
A source close to General Electric told the French language weekly that the company is standing firm in its commitment to a final deadline of 23 June for Alstom to accept or reject its offer.
JDD in a separate item reported on a document from 50-odd deputies opposing to the Connecticut giant gaining the upper hand with its EUR 12bn offer. These politicians instead called for a third way that would preserve the industrial group’s integrity. The solution, the writers suggested, would be to find French or other European partners for each of Alstom’s four units. The writers also called on Bouygues to either help develop such a structure or sell its own holding to the state.
Source Le Parisien, Journal du Dimanche