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| Alstom to consider $17bn General Electric offer | Alstom to consider $17bn General Electric offer |
| (35 minutes later) | |
| French engineering company Alstom is considering a $16.9bn (£10bn) offer from US firm General Electric (GE) for its energy business. | French engineering company Alstom is considering a $16.9bn (£10bn) offer from US firm General Electric (GE) for its energy business. |
| But the French firm said it would be open to a rival bid from German firm Siemens, which is also interested in its power turbines business. | But the French firm said it would be open to a rival bid from German firm Siemens, which is also interested in its power turbines business. |
| Siemens has said it would make an offer if given access to Alstom's books. | Siemens has said it would make an offer if given access to Alstom's books. |
| Both bidders have already met French President Francois Hollande to discuss their potential offers. | Both bidders have already met French President Francois Hollande to discuss their potential offers. |
| GE's chief executive, Jeff Immelt, said he had had a "productive two-way dialogue" with the French government. | GE's chief executive, Jeff Immelt, said he had had a "productive two-way dialogue" with the French government. |
| "We think we've got a good deal and it's going to be executed," he added. | "We think we've got a good deal and it's going to be executed," he added. |
| 'Strategic merits' | 'Strategic merits' |
| Alstom, whose power business generated $15bn in sales last year, said it would use the proceeds of a GE deal to concentrate on the other side of its business, which makes TGV high-speed trains. | |
| In a statement, the French firm said its board recognised "unanimously the strategic and industrial merits" of the GE offer, and that it would make a decision by the end of May. | In a statement, the French firm said its board recognised "unanimously the strategic and industrial merits" of the GE offer, and that it would make a decision by the end of May. |
| "Alstom's employees would join a well-known, major global player, with the means to invest in people and technology to support worldwide energy customers over the long term," said Alstom's chairman and chief executive, Patrick Kron. | "Alstom's employees would join a well-known, major global player, with the means to invest in people and technology to support worldwide energy customers over the long term," said Alstom's chairman and chief executive, Patrick Kron. |
| But the company also said it would give Siemens access to its books so the German firm could weigh up a competing bid. | But the company also said it would give Siemens access to its books so the German firm could weigh up a competing bid. |
| Mr Hollande, who met the bosses of Siemens and GE on Monday, said the French government would place a priority on preserving jobs at one of the country's key industrial firms. | |
| France's economy minister has already said the government would block any deal it sees as unfit. | |
| For either deal to go through, Alstom would also need the backing of Martin Bouygues, the billionaire chairman of family conglomerate Bouygues, which is the firm's largest shareholder with a 29.4% stake. | |
| Rolls-Royce bid | |
| Alstom has about 93,000 employees in 100 countries around the world, and employs about 18,000 people in France. | Alstom has about 93,000 employees in 100 countries around the world, and employs about 18,000 people in France. |
| The engineering giant had to be bailed out by the French government in 2004, and has suffered heavy debts and a fall in orders over the past decade. | The engineering giant had to be bailed out by the French government in 2004, and has suffered heavy debts and a fall in orders over the past decade. |
| Separately, British engineering firm Rolls-Royce has confirmed it is in talks with Siemens over the sale of its gas turbine and compressor business. | |
| The Rolls-Royce offer is part of a new strategy that the German engineering group will present on 7 May, a Siemens spokesman said. |