“‘We won’t let Alstom sell this national champion behind the back of its shareholders, its employees and the French government,’ Economy Minister Arnaud Montebourg wrote on Twitter before the meetings, accusing Alstom CEO Patrick Kron of ‘a breach of national ethics’. Alstom, which is suffering from debt and falling demand, was bailed out by the French government in 2004, but needs help again. Smaller than its rivals, it was hardest hit by a slump in orders for power equipment since the 2008 economic downturn depressed electricity prices. At the weekend, Alstom’s German rival Siemens proposed a swap of power and rail assets to counter a potential Alstom-GE energy tie-up.”
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