Industrial giant General Electric has offered “remedies” to European regulators to mitigate concerns regarding its $17 billion acquisition of French conglomerate Alstom.
Few details have been made public. The European Commission is expected to push back its deadline on responding to the GE offer to mid-September. Reportedly, the commission is not likely to respond to the deal in time for its initial deadline of 21 August.
“GE confirms it has submitted remedies to the European Commission in relation to the GE-Alstom transaction. These remedies address the concerns of the commission and at the same time preserve the economic and strategic value of the deal," GE said.
GE Chairman and Chief Executive Officer Jeff Immelt has said the deal, approved by the Alstom board last year, “Is good for France, GE and Alstrom.” The U.S.-based GE intends to help Alstom to become a more global enterprise.
Alstom is involved in a variety of railway and energy-related businesses, including production of turbine islands for nuclear power plants, Arabelle steam turbines, turbogenerators and pumps for nuclear plants, emergency diesel generators, automation and nuclear services.
The company employs about 96,000 people in 100 countries. It has annual revenues of about $22 billion.
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who is Alstrom?
It is in a lot of different industries include the energy sector. More info can be found here: www.alstom.com/.../about-us