| GE and Alstom Tested in Takeover Showdown | |
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The duo confront European Commission officials at a Brussels hearing on Thursday, seeking to win over regulators who argue the 12.4 billion-euro ($13.7 billion) deal would leave only Siemens AG as GE’s main rival in Europe in the gas turbines market -- potentially thwarting innovation and triggering price rises. Patrick Kron, the chief executive officer of France’s Alstom, said this week he’s “very confident” the companies can get EU approval. But after holding around 50 meetings with regulators and handing over 50,000 pages of written arguments, he owned up to a sense of fatigue over the process. More from Bloomberg.com: Tsipras Learning EU's Number 1 Rule: Don't Mess With Merkel “I find it all very long, very hard to go through from a human standpoint, for teams -- and from a financial and commercial standpoint,” Kron said Tuesday at Alstom’s annual general meeting near Paris. GE’s purchase of most of Alstom’s energy operations holds a special significance as the U.S. company seeks to retreat from lending activities and return to its manufacturing roots. Fairfield, Connecticut-based GE is selling about $200 billion of assets as it shrinks the finance arm and refocuses on manufacturing units making heavy-duty products such as gas turbines, jet engines and medical scanners. |
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Alstom
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CODE : ALO.PA |
ISIN : FR0010220475 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Alstom is based in France. Alstom is listed in France, in Germany and in United Kingdom. Its market capitalisation is €UR 3.3 billions as of today (US$ 3.6 billions, € 3.3 billions). Its stock quote reached its highest recent level on February 09, 2007 at €UR 98.98, and its lowest recent point on April 24, 2024 at €UR 15.25. Alstom has 219 127 000 shares outstanding. |