France gave itself the power to block foreign takeovers in what it considers strategic industries amid General Electric Co.’s $17 billion bid for Alstom SA’s energy units and a possible competing Siemens AG offer.
General Electric Co. must decide whether to accept France’s terms to complete the acquisition of Alstom SA’s energy assets, the U.S. company’s biggest deal ever, after winning the government’s support.
Coal-gas reserves in northern France may be sufficient to meet domestic demand for as long as 10 years, boosting the competitiveness of the country’s factories, according to Industry Minister Arnaud Montebourg.
French Productive Recovery Minister Arnaud Montebourg asked PSA Peugeot Citroen to disclose any plans for plant closures as soon as possible, amid speculation the carmaker may decide to shut down several sites.
When PSA Peugeot Citroen SA announced thousands of job cuts and France’s first car-plant closing in 20 years in July, Industry Minister Arnaud Montebourg called the plan “unacceptable.” Six months on, he says it’s inevitable.