GE sends Schenectady exec to Paris to save Alstom deal


Steve Bolze, General Electric’s senior vice president and president and CEO of GE Power and Water based in Schenectady, was in Paris Friday seeking to save GE’s $17 billion deal to buy Alstom SA’s energy business, the Wall Street Journal reported.

The move came after the French government gave itself new powers to block foreign investment in economic sectors including energy, water and transport that are considered strategic assets.

The country’s economy minister, Arnaud Montebourg, opposes the GE acquisition, preferring to see a European company such as Siemens AG acquire the Alstom energy business instead. While Siemens is looking over Alstom’s books, it apparently hasn’t yet made an offer, according to the Journal.

France is seeking job guarantees if the GE deal goes through. GE said two weeks ago the deal wouldn’t have any impact on GE’s operations in Schenectady, and on Friday evening a spokesman repeated that. GE’s renewable energy headquarters is based in Schenectady, and it also manufactures generators and steam generators in Schenectady.

Eric Anderson

3 Responses

  1. Ralph says:

    There’s your European model at work. France prefers that Siemans’ buy this french company, not GE.

    • Tim in Waterford says:

      Is there anything wrong with that? If the tables were turned — that is, if Alstom was an American company — you’d be demanding that our government get involved and threaten to block Siemens from making the deal, just as France is doing to GE.

  2. Victor Campana says:

    Have him show up in a military uniform, and the French will give GE whatever it wants :)