INFO LE FIGARO - The Board of the French group agreed Tuesday offers U.S. for its energy activities. German rival proposes to retain 19% of the new Alstom.
The passage of most of 'assets of Alstom under the American flag is approaching. The Board of Directors of the French flagship energy and transport (famous for the TGV) was held late Tuesday afternoon for the third time since Friday. After the meeting, he, according to our information, unanimously accepted the offer, firm and financed from General Electric to buy back its energy activities for more than € 10 billion.
The case is it in the bag for the American group? Not quite. The Board of Alstom conventionally commissioned an independent expertise in the supply of GE. And thus opened a period of one month during which GE will be held by his offer, but let Alstom some leeway. The French group will certainly not the right to solicit other potential buyers, but it may consider any alternative proposal which would be made.
For some, this nuance is not a pleading. Belief Officer of Alstom, and in particular its CEO Patrick Kron is anyway made in favor of "deal" with the U.S.. The marriage of its energy activities with those of its German rival is the opposite considered too difficult to achieve, due to very important duplicates.
Siemens now offers to provide all of its transport activity
But neither the government more favorable to a European solution or Siemens are not yet ready to admit defeat. The German group said Tuesday, after meeting its own board of its intention to make an offer to Alstom. Provided, that should be accepted, to have access to financial data of the company and be able to speak with management. Siemens has sent a letter Tuesday to the directors of Alstom a much more detailed than the draft sent to the emergency Sunday project. According to our information, the German group values in premioère analysis Alstom energy industry that covets between 10.5 and 11 billion euros. It now proposes to bring all of its transport activity (TGV locomotives but also its profitable metros) the French group, which would be 19% shareholder. Siemens wants to get the job instead of signaling French.
"The board of Alstom consider in good faith proposals Siemens", stated Tuesday near. This promise does suffice to government? Monday evening, François Hollande , now very involved in this issue politically and socially sensitive , asked Martin Bouygues , whose eponymous group owns 29.4% of Alstom, wait a few weeks before announcing an irreversible decision. "The president calls time for proposals and commitments of each other, in terms of its objectives in terms of jobs, keeping decision-making centers and energy independence, to be improved" , it is argued on the side of the executive.
In the afternoon of Tuesday, Jeff Immelt , CEO of General Electric, has brought to the Élysée a letter stating its commitments, including that of France localize decision-making centers and seats of activities. Advanced deemed insufficient in the entourage 's Arnaud Montebourg . GE does not bring in the trash and marriage its rail signaling, simply raising the possibility of a joint venture with Alstom in this area.
A set of bidding
Suffice to say that Alstom will choose his words and temper his enthusiasm to formalize the green light on Wednesday its board to supply GE. Because at the Elysee, and especially the Ministry of Economy Arnaud Montebourg, we will quickly interpret this decision as a snub.
But the board of Alstom also continues its own agenda, with a priority for such a body: get the best price for the proposed transaction. From this point of view, a set of bidding between GE and Siemens can only satisfy. Each of the two candidates can still raise the price of the energy industry. Another track: a global offer. "To counter GE, Siemens may consider a bid for Alstom, then leaves to reintroduce traded its transport part" suggests a close case.
Investors will see a little clearer Wednesday: listing Alstom suspended since Friday morning, will resume, and the stock market watchdog, smarting from the previous on Vivendi and SFR, Alstom requested to inform the market the competing tenders.