NEW DELHI May 5 General Electric Co on
Monday made tender offers to buy shares worth up to $389 million
in two of Alstom SA's India units to comply with local
rules, following its $16.9 billion bid to buy the French group's
GE has offered to buy 25 percent in Alstom T&D India Ltd
from public shareholders at 261.25 rupees a share in a
deal valued at up to $278 million, according to a notice issued
to Indian stock exchanges by the offer manager Credit Suisse.
GE is also seeking to buy 26 percent of Alstom India Ltd
at 382.20 rupees per share for up to $111 million,
said a separate filing. GE will proceed with the offers only if
its bid for Alstom's energy arm goes through, the filings said.
Cash-strapped French engineering group Alstom said last week
it would explore a $16.9 billion offer from General Electric for
its energy arm while leaving the door open to a rival bid from
Shares in Alstom T&D India were up 6.4 percent at 289.15
rupees, while Alstom India lost early gains and were trading
down 0.8 percent at 452 rupees at 0504 GMT. The broader index
was up 0.28 percent.
GE will indirectly acquire Alstom's 75 percent stake in
Alstom T&D and 68.6 percent in Alstom India, if its bid to buy
the French group's energy unit is successful, requiring the U.S.
group to launch tender offer as per Indian market rules.
($1 = 60.2100 Indian Rupees)
(Reporting by Devidutta Tripathy and Abhishek Vishnoi; Editing
by Gopakumar Warrier)