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GE extends Alstom deal deadline

Wind turbine at Alstom's offshore on the Loire Estuary western France, 15 may 2014.
Wind turbine at Alstom's offshore on the Loire Estuary western France, 15 may 2014. Reuters/Stephane Mahe

General Electric (GE) has extended the deadline on its offer to buy Alstom's energy unit at France's request. The US giant's 17-million-euro bid caused a furore in France.

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"At the request of the French government, we have agreed, in consultation with Alstom, to extend the deadline for consideration by the Alstom board of our proposal until 23 June," GE said on Thursday.

The extension gives GE's German rival Siemens the opportunity to make an offer for Alstom. 

So far in the GE-Alstom saga:

  • Last week the French government passed a new law to veto unwanted foreign takeovers of major French companies;
  • On Thursday the French government said it would seek French offers for Alstom - "Plan A is GE, plan B is Siemens and plan C is a made-in France solution - public-private funding or maybe not public, I don't know. We are working on it," said  French Economy Minister Arnaud Montebourg;
  • In April GE announced an offer to buy Alstom's energy unit;
  • Earlier this month Japanese company Toshiba said it would offer to buy Alstom's power grid business if GE bids for Alstom, while Siemens also expressed interest but is still hesitatant about bidding. 

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