GE offers concessions in bid for EU clearance of Alstom deal

Brussels

US conglomerate General Electric (GE) has offered concessions in an attempt to counter European Union (EU) regulatory concerns about its 12.4-billion-euro (S$18.4 billion) bid for French peer Alstom's power unit, its biggest ever acquisition.

The company submitted its proposal on Thursday but did not provide details. "GE confirms it has submitted remedies to the European Commission in relation to the GE-Alstom transaction. These remedies address the concerns of the Commission and at the same time preserve the economic and strategic value of the deal," the company said.