US jet engine giant General Electric bids billions for French TGV maker Alstom
US jet engine giant General Electric is rumored to be in talks to buy French train maker Alstom for 9.5 billion euros. The General Electric bid is believed to be supported by telecoms company Bouygues, which holds 29 percent of Alstom. Alstom, which also provides technology for power plants denies any such speculation. Still Alstom is clearly showing signs of strain. The company announced a 12 percent fall in orders for its new thermal power plants and last year embarked on a plan to raise 2 billion euros from asset sales. Alstom is currently sheding 1,300 jobs. As talk of the multi-billion euro bid hit the Paris market shares in Alstom rocketed by 16 percent.
