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May 16, 2022
BUSINESS

Alstom shares jump on GE takeover bid report

Shares in French engineering company Alstom have jumped after a report that US multinational General Electric (GE) is in talks to buy Alstom for USD 13 bn. News agency Bloomberg reported that GE and Alstom have discussed the potential deal with the French government, BBC informs. Alstom has said it has not been told of a potential offer for the company. “In response to recent speculation in the economic press, Alstom is not informed of any potential public tender offer for the shares of the company. The group constantly reviews the strategic options of its businesses”, said Alstom in a statement.
Alstom – which makes turbines and trains – said it would update investors on its prospects on 7 May, when it releases annual results. Shares in the firm jumped 17 percent at the start of trade before falling back slightly. Shares in major Alstom shareholder Bouygues also rose after the Bloomberg report. An agreement between Alstom and GE may be announced next week, the report said. The French company, which employs 93,000 people, has business interests in about 100 countries. In November, the company said it would cut 1,300 jobs, and sell part of its transport business, which makes high-speed TGV trains, and has supplied Eurostar trains.

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