LUXEMBOURG, June 19 (Reuters) - A revised offer by General Electric for a tie-up with Alstom is a “substantial improvement” on its previous proposal, French Finance Minister Michel Sapin said on Thursday.
“You see, the government was right to intervene,” he told reporters on the margins of a meeting of European finance ministers in Luxembourg.
GE said earlier its new offer had been agreed with Alstom management and would create an “alliance” with 50:50 joint ventures in grid, nuclear and renewable assets.
The U.S. group would still end up with all of the lucrative gas turbines arm if approved by Alstom’s board. (Reporting by Ingrid Melander; Writing by Mark John; Editing by James Regan)