alstom shareholders approve sale energy assets to general electric
Last Updated : GMT 00:50:04
Arab Today, arab today
Arab Today, arab today

Alstom shareholders approve sale energy assets to General Electric

Arab Today, arab today

Arab Today, arab today Alstom shareholders approve sale energy assets to General Electric

CEO of Alstom Patrick Kron
Paris - AFP

 Shareholders approved Friday the 12.4-billion-euro ($15.2-billion) sale of Alstom's energy assets to US group General Electric by which the French company will refocus on high speed trains.
"It is the best solution for the future of Alstom," chief executive Patrick Kron said at the meeting marked by sharp exchanges, saying the company had lost sufficient scale to compete in the energy sector.
Nevertheless, the sale that sees Alstom sell off about 70 percent of the company, was approved by 99.187 percent of the votes.
GE won a two-month deeply political battle to buy the energy arm of Alstom in late June, in the face of initial French government opposition and a rival joint offer from Germany's Siemens and Mitsubishi Heavy Industries of Japan.
GE snapped up the prize of Alstom's gas turbine unit -- a large, lucrative business with long-term contracts and income stream that complements GE which is already the world leader in the sector.
But it had to agree to a number of other deals in order to win over the French government, which has a veto over sales in strategic sectors of the economy, and which was worried about job losses amid a recession and high unemployment.
GE also agreed to take on Alstom's nuclear, steam turbine, offshore wind and hydro power businesses, which it will run as 50-50 joint ventures with French shareholders including, most importantly, the government.
And it will fold its electricity grid business into Alstom's, also to be run as a 50-50 joint venture.
Meanwhile GE will hand its own train signalling business to the firm's high-speed rail operation -- which makes France's famed TGV trains -- and which will become the core business of Alstom.
GE also had to pledge to create jobs in France when it might have originally thought to make gains through consolidation, including paying a penalty of 50,000 euros for every job out of the 1,000 promised that it fails to create in France.
Alstom employs 18,000 people in France out of a total 90,000 worldwide.
The French government formally approved the sale in November.
It needs the approval of regulators in nearly two dozen countries.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

alstom shareholders approve sale energy assets to general electric alstom shareholders approve sale energy assets to general electric

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

alstom shareholders approve sale energy assets to general electric alstom shareholders approve sale energy assets to general electric

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday