The French government said it would oppose General Electric’s $13.5bn offer for Alstom’s energy business, saying that it wanted the US conglomerate to suggest a different and more equitable deal.
In a letter sent to Jeffrey Immelt, GE chief executive, signed by the French industry minister Arnaud Montebourg, it said it wanted a “balanced partnership” rather than a takeover.
Last week the Alstom board of directors accepted a GE deal which valued its majority energy business, which makes up 70 per cent of revenues, at $13.5bn, despite the clear unease of the government.
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