It seems the U.S. Department of Justice isn’t the only one complicating General Electric Co.’s (GE) bid to purchase French conglomerate Alstom SA’s energy business. Top French government officials are also pretty unhappy about the deal. However Alstom chairman and CEO Patrick Kron has defied the government and plunged ahead anyway.
On April 29, Alstom agreed to GE’s $13.5 billion bid to purchase the conglomerate’s energy assets. This deal represents a last resort for the French energy icon; the deal follows a bailout by the French government a decade ago. Alstom’s energy business, which includes TGV bullet trains and power turbines for the country's fleet of nuclear plants, accounts for 70 percent of the company’s revenue.