General Electric (GE) has submitted a binding $13.5 billion offer to acquire Alstom's power and grid businesses. Siemens has also said it intends to submit a bid.
Alstom's board has given its unanimous support to GE's bid, and has set up a committee of independent directors to review the transaction. Boygues SA, which holds a 29% share of Alstom, has also pledged its support.
According to Alstom, the transaction would bring together the two companies' complementary offerings in the power and grid areas across thermal, wind and hydro power, service provision and grid. For example, the companies already have complementary offerings in steam and gas turbine technology.
-tk-