The French government has approved General Electric’s bid to acquire Alstom power unit for EUR 12.35 billion.
Earlier this year, Alstom board unanimously voted for GE’s bid rejecting Siemens-Mitsubishi Heavy offer comprising EUR 8.2 billion cash and an asset swap.
After the deal closes, 65,000 Alstom workers out of 96,000 worldwide will be working for GE.
The government has not yet exercise the option to acquire 20% stake in Alstom, but it is expected to proceed with it after the deal is finalised, which is expected in the first half of 2015.