PARIS (Reuters) - General Electric (GE.N) outlined an updated offer to buy French engineering group Alstom’s (ALSO.PA) power and grid businesses on Thursday that will include two 50:50 joint ventures in grid and renewables, and a global nuclear and steam alliance.
GE said its valuation for Alstom remains unchanged and that the deal would immediately boost the U.S. company’s earnings.
“The alliance will retain and strengthen France’s presence in the energy business and reinforce Alstom Transport. It creates jobs, establishes headquarters decision-making in France and ensures that the Alstom name will endure,” GE Chief Executive Jeff Immelt said in a statement.
GE added that the 50:50 nuclear alliance would see the government holding a preferred share giving it veto and other governance rights over issues related to security and technology of nuclear plants.
Reporting by James Regan; Editing by Mark John