Troubled French engineering giant Alstom, which recently put its transport division up for sale, is reported to be in discussions with GE, which has made a takeover offer for its energy division, and Siemens, which has made a cash and assets offer for Alstom's turbine business. Alstom is one of France's biggest private-sector employers, with 18 000 staff across the country.
Shares in Alstom jumped 11% on 24 April after the report of GE's interest but the following day were suspended from trading.
Neither company has formally acknowledged takeover talks, but French politicians have expressed concern over the prospect of a foreign firm buying Alstom, which is one of the nation's biggest engineering companies and a symbol, according to Economy minister Arnaud Montebourg of " ... our industrial power and French ingenuity". M. Montebourg promised last week to protect French national interests and said he would study "other solutions and scenarios" for Alstom.
GE's chief executive Jeffrey Immelt was due to hold talks with Montebourg and prime minister Manuel Valls on Sunday, according to several sources. And according to a statement from president Francois Hollande's office, the French government wants to obtain guarantees on jobs, the location of the company's activities, and energy independence.
Siemens made its offer on Friday, and on Sunday French newspaper Le Figaro reported that the company is offering Alstom half of its train-making business and some cash. In return it wants to buy Alstom's turbine manufacturing business.
Alstom itself is considering both offers and other solutions and intends to make a further announcement no later than the morning of Wednesday 30 April.
The company has requested that meantime the trading of its shares remains suspended.
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