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GE says Alstom board recommends purchase offer
GE says Alstom board recommends $17B offer to buy French company's power generation business
Associated Press
2014-06-22 06:01 AM

PARIS (AP) -- General Electric Co. says the board of France's Alstom SA has approved GE's $17 billion offer to buy Alstom's power generation business.

GE says in a statement that if shareholders and workers' representatives approve, the deal will close sometime next year. GE says it was informed of the decision on Saturday.

GE has been fighting for months to make the deal. On Friday, the French government dropped objections and supported the company's offer. The deal is still subject to the French government buying a stake in Alstom. The government was negotiating to buy 20 percent of Alstom shares from French conglomerate Bouygues.

Alstom has favored a tie-up with GE but had to postpone signing any deal while the government intervened to seek assurances on jobs and decision-making.

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