Alstom accepts $12bn GE offer for energy arm

Kate McCann
Follow Kate
EUROPE'S industrial landscape is set for a shake-up after French giant Alstom accepted a $12bn (£7.1bn) bid from General Electric for its energy arm, and Rolls-Royce said it is in talks to sell assets to Siemens.

Alstom, which manufactures the French high-speed TGV trains and supplies components to its nuclear reactors, has provisionally accepted GE’s offer but is understood to be open to another offer set to be submitted by rival Siemens. The German company has asked for a four week period to go over Alstom’s accounts in order to make a bid for the energy business.

The French economy minister Arnaud Montebourg has asked the regulator to ensure both offers are treated equally.

In a bumper day for Siemens, the company also announced it is in talks with British firm Rolls-Royce to buy a unit that makes equipment for the oil and gas industry and power-generation gear for utilities. The offer is understood to be worth around $1.38bn (£800m).