General Electric taking over gas and steam turbine businesses from Alstom
Los Azufres geothermal power plant, Mexico (source: Alstom)
Francisco Rojas
27 Jun 2014
After a series of bids for Alstom's business between General Electric on one side and Mitsubishi/Siemens for the other, the former has taken over the firm's Power side of operations.
Following the bids by General Electric (GE) for French company Alstom and competing bids by Siemens and Mitsubishi Heavy Industries, it now seems GE has won the bid and will take over the gas and steam turbine businesses from Alstom.
GE initially intended to take over all of Alstom’s activities with an offer of $16.9 billion but their aspirations got blocked by the French Government due to concerns with job cuts if the take over would take place among other issues. Following this, GE Expressed their interest in the power generation part of Alstom.
After this, Alstom received a conjoined bid from Siemens and Mitsubishi with the same target as GE yet the board from Alstom decided to choose GE over the latter following a meeting between the French President and the CEO of GE addressing the jobs issue.
It is so far unclear what this means for the geothermal business of Alstom, which has been quite active in the geothermal market e.g. in Mexico.
For the full story, please click on the link bellow:
Source: Forbes Website
