GE submits remedies regarding EUR-12.4bn Alstom deal
Alstom wind turbine in Brazil (c) Alstom
US diversified group General Electric (NYSE:GE) has offered remedies to the European Commission (EC) with regard to its EUR-12.35-billion (USD 13.45bn) deal to buy Alstom’s (EPA:ALO) power businesses.
The conglomerate announced this late on Thursday, pointing out that the offered concessions address the EC’s concerns and at the same time preserve the value of the existing agreement. GE, however, did not give more information.
GE signed a definitive deal in November 2014 to buy the French group’s thermal, renewables and grid operations. The agreement also envisages the creation of 50/50 joint ventures between the two companies, one of which will focus on offshore wind and hydropower.
In February, the EC launched an in-depth investigation into the deal to try to determine whether it would eliminate one of GE’s three main global competitors in the market for heavy-duty gas turbines (HDGTs). The following month, the commission extended the deadline for a decision by 20 working days till August 6.