|April 30, 2014|
|06:16 EDT||SI, GE, ALSMY||Alstom says 'considering' acquisition of Energy unit by GE|
The Board of Directors of Alstom (ALSMY) announced that it has received a binding offer from General Electric (GE) to acquire its Energy activities. The scope of the transaction includes the Thermal Power, Renewable Power and Grid Sectors, as well as corporate and shared services. With 65,000 employees, these businesses registered EUR14.8B in sales in FY12/13. The proposed price is a fixed price representing an Equity Value of EUR12.35B. Should this offer be approved and completed, Alstom would refocus on its Transport activities. Alstom would use the sale proceeds to strengthen its Transport business and give it the means of an ambitious development, pay down its debt and return cash to its shareholders. The Board of Directors of Alstom, acknowledging unanimously the strategic and industrial merits of this offer and having noted the publicly announced undertakings by GE, has decided to set up a committee of independent directors, led by Jean-Martin Folz, to review before the end of May the proposed transaction. In the context of this binding offer, Alstom may not solicit offers from third parties for the acquisition of all or part of its Energy business. It has however reserved the right to respond to unsolicited offers for its entire Energy business and engage in discussions with bidders demonstrating a serious interest that could lead to a superior offer for Alstom. If, after having recommended GEís offer, following its review, the Board of directors were to support another transaction, Alstom would owe GE a break-up fee equal to 1.5% of the purchase price. The Board also reviewed a declaration of interest received from Siemens (SI), regarding an alternative transaction. Siemens will have a fair access to information needed to make, should it decide to do so, a binding offer. This declaration will be reviewed in light of Alstomís corporate interest and the interest of all stakeholders, in accordance with the commitments made.
News For ALSMY;GE;SI From The Last 14 Days
|February 25, 2015|
|05:22 EDT||GE||GE Healthcare selected as strategic partner by Kenyan Ministry of Health|
Subscribe for More Information
|February 24, 2015|
|18:02 EDT||GE||General Electric director purchases $20M of company stock|
According to regulatory filings, GE director William G. Beattie purchased 800,000 shares of GE for $20,096,000 on February 18 and 19.
|February 23, 2015|
|12:07 EDT||ALSMY, GE||EU opens probe in GE's proposed acquisition of Alstom's energy business |
The European Commission has opened an in-depth investigation to assess whether General Electric's (GE) proposed acquisition of the Thermal Power, Renewable Power & Grid businesses of Alstom (ALSMY) is in line with the EU Merger Regulation. The Commissionís preliminary investigation indicates potential competition concerns in the market for heavy-duty gas turbines which are mainly used in gas-fired power plants. The transaction would bring together the activities of GE, the world's largest manufacturer of heavy-duty gas turbines, with those of Alstom, eliminating one of the three main global competitors to GE in this market. The opening of an in-depth inquiry does not prejudge the final result of the investigation. The Commission now has 90 working days, until 8 July, to take a final decision. Reference Link
|February 20, 2015|
|08:26 EDT||GE||Arc Logistics to acquire all membership interests Joliet Bulk for $216M |
Subscribe for More Information
|February 18, 2015|
|11:14 EDT||GE, ALSMY||GE, Alstom deal likely to face intense EU scrutiny, Reuters says |
General Electric's (GE) deal for Alstom's (ALSMY) power equipment business is likely to face an intense EU antitrust investigation, says Reuters, citing people familiar with the matter. Reference Link
|07:07 EDT||GE||Barclays to hold a conference|
Industrial Select Conference is being held in Miami on February 18-19.
|February 15, 2015|
|15:42 EDT||GE||GE inaugurates new Indian manufacturing facility, Reuters says |
General Electric inaugurated its new manufacturing facility in India this weekend that the conglomerate will use as an export hub, with plans to send half of its output to the company's global factories, says Reuters. The new Indian facility will be a major part of GE's plan to win increased domestic orders there, added Reuters. Reference Link