France okays GE purchase of Alstom energy assets

Paris

FRANCE'S economy minister, Emmanuel Macron, on Wednesday authorised the sale of most of Alstom's energy assets to US group General Electric, clearing the way for a deal worth almost US$17 billion.

"Emmanuel Macron . . . today gave his authorisation to General Electric (GE) for the realisation of its investment project in France with Alstom and the creation of an industrial alliance between the two groups in the energy sector," said a statement from his ministry.

A shareholders' general meeting would be held on Dec 19 on the deal, the French company said.

French government approval of the deal was needed because of a May decree that gives Paris veto rights over foreign bids for "strategic" French companies, notably those in the energy and transport sectors. Alstom is involved in power generation and building rail systems. The economy ministry said it was satisfied that "state interests" in France's nuclear activities and energy security were "fully taken into account" under the deal. AFP