Menu

World

France's Socialist government goes full tilt orchestrating Alstom deal

France Siemens Alstom-1.jpg

U.S. giant General Electric Co. CEO Jeffrey R. Immelt leaves the Elysee Palace after meeting with French President Francois Hollande in Paris, Monday, April 28, 2014. Hollande met Sunday with top members of the government to discuss Alstom, hours after the Economy Minister Arnaud Montebourg warned the engineering company not to pursue a "precipitous" tie-up with U.S. giant General Electric Co., saying that France's national interest is at stake in a potential sale. (AP Photo/Michel Euler)The Associated Press

Officials close to talks on a proposed merger between Alstom and General Electric say France's president is open to the idea, despite a delay imposed by one of his top finance officials.

President Francois Hollande is meeting three CEOs in an all-out effort to orchestrate a deal for Alstom and keep the engineering company firmly rooted at home. The officials spoke on condition of anonymity because the talks are sensitive.

Hollande held an hour-long meeting with the CEO of General Electric Co., which was preparing a merger with Alstom before the government intervened, citing "strategic interests."

He'll sit down later Monday with the CEO of GE rival Siemens and French conglomerate Bouygues, a significant Alstom shareholder.

Alstom's trading has been suspended since Friday when rumors of the GE deal surfaced.