Jump to content

Alstom

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 99.38.97.77 (talk) at 08:31, 27 June 2014 (respectively not rspectively). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Alstom S.A.
FormerlyAlsthom, GEC-Alstom
Company typeSociété Anonyme
Euronext: ALO
ISINFR0010220475 Edit this on Wikidata
IndustryPower generation and transmission, rail transportation
Founded1928 (1928) (Alsthom)
HeadquartersLevallois-Perret, west of Paris, France.[1]
Key people
Patrick Kron (Chairman and CEO)
ProductsEquipment, services, and installation for electrical power generation and transmission
Railway vehicles and signalling
Revenue€21 billion (2010/2011)[2]
€764 million (2010/2011)[2]
€462 million (2010/2011)[2]
Total assets€30 billion (March 2011)[2]
Total equity€4.2 billion (March 2011)[2]
Number of employees
85,225 (March 2011)[2]
Websitewww.alstom.com

Alstom is a French multinational company which holds interests in the electricity generation and rail transport markets. According to the company website, in 2012–2013 Alstom had annual sales of €20.3 billion, and employed approximately 96,000 people in around 100 countries. Alstom's headquarters are located in Levallois-Perret, west of Paris. Its CEO is Patrick Kron.

Alstom is active in the fields of electrical generation and transmission, with products including turbines for hydroelectric, gas, coal and nuclear-powered plants, as well as large-scale electrical grid infrastructure, solar-thermal, and geothermal systems. It is also a major rail vehicle manufacturer, active in the fields of passenger transportation, signalling and locomotives, with products including the AGV, TGV, Eurostar, and Pendolino high-speed trains, in addition to suburban, regional and metro trains, and Citadis trams.

Alstom (originally as Alsthom) was formed from a merger between Compagnie Française Thomson Houston and the Société Alsacienne de Constructions Mécaniques in 1928; significant acquisitions included the Constructions Electriques de France (1932), shipbuilder Chantiers de l'Atlantique (1976), and parts of ACEC SA (Belgium, late 1980s). A merger with parts of the General Electric Company plc (UK) formed GEC-Alstom in 1989; the company became Alstom in 1998.

In 2004, Alstom was in financial crisis due to massive inherited unexpected costs (€4 billion) arising from a design flaw inherited from the acquisition of ABB Group's turbine business, in addition to losses in other areas of the business. The company required a €3.2 billion state-backed bailout in 2003 – and as a result was required to sell several divisions including shipbuilding and electrical transmission to comply with EU rules on state aid.

In 2014, Alstom and General Electric (GE) announced that a US$17 billion (€12.4 billion) bid for the company's power and grid divisions had been made and provisionally accepted. The proposed takeover became a political issue, with the French state intervening, enacting a decree, nicknamed décret Alstom, giving the French state additional powers to veto foreign takeovers. GE's bid was later modified, matching elements of a rival offer from Siemens and Mitsubishi Heavy Industries – with proposals to form 50:50 joint ventures in several divisions; the modified bid was also accepted by Alstom's board – at the same time the French state took a 20% stake in the company from Bouygues in order to protect its position. The GE acquisition deal is expected to be finalised by early 2015.

History

Alsthom was founded in 1928 from the merger of French heavy engineering companies Thomson-Houston Electric Company and Société Alsacienne de Constructions Mécaniques, with the first factory in Belfort. In 1932, Alsthom expanded into transportation by acquiring Constructions Electriques de France, Tarbes, a manufacturer of electric locomotives as well as electrical and hydraulic equipment.

In 1969, Compagnie Générale d'Electricité (CGE) became the majority shareholder of Alsthom. In 1976, Alsthom merged with Chantiers de l'Atlantique, becoming Alsthom Atlantique. Thus, the business expanded into marine. The next year, it constructed the first 1300MW generator set for the Paluel power station, setting a world record with an output of 1500MW.

In 1978, Alsthom delivered its first TGV to SNCF. The TGV went on to break world rail speed records in 1981 (at 380 kilometres per hour (240 mph)) and in 1990 (at 515.3 kilometres per hour (320.2 mph)). It also set the world endurance record for high-speed train lines in 2001, traveling from Calais to Marseille (a distance of 1,067.2 kilometres (663.1 mi)) in 3 hours and 29 minutes.

In 1986, Alsthom Belfort received an order from EDF for the largest gas turbine in the world (212MW). In 1989, Alsthom acquired ACEC Energie, ACEC Automatisme, and ACEC Transport when the Belgian electrical engineering company ACEC SA was dissolved.[3][4][5][6] That same year, GEC Alsthom was formed from the merger of the power and transport activities of Compagnie Générale d'Electricité (CGE) subsidiary Alstom and the Powers System Division of the General Electric Company plc with the intent to allow Alsthom to export outside France.[7]

In 1991, CGE was renamed Alcatel Alsthom Compagnie Générale d'Electricité, or Alcatel Alsthom or short.[7] In 1994, GEC Alsthom acquired the rail vehicle manufacturer Linke-Hofmann-Busch. In 1995, the company acquired a stake in the steam turbine manufacturer MAN Energie.

In early 1998, GEC Alsthom acquired the electrical contractor Cegelec. In June, GEC Alsthom changed its name to Alstom and was listed on the Paris Stock Exchange. Later that year, Alstom bought Italy's Sasib Railways and the United States' General Railway Signal.[8]

In 1999, Alstom's energy division merged with ABB in a 50–50 joint company known as ABB Alstom Power. Alstom also bought Canada's Télécité, a passenger information and security solutions company and sold its heavy duty gas turbine business to General Electric.[9][10] The next year, it bought out ABB's share in ABB Alstom Power.[11]

In 2000, Alstom sold its diesel engine businesses (Ruston, Paxman, and Mirrlees Blackstone) to MAN Group.[12] It acquired a 51% stake in Fiat Ferroviaria, the Italian rail manufacturer and world leader in tilting technology.[13]

In 2003, Alstom faced a financial crisis due to poor sales and over $5 billion of debt liabilities, with the potential to force the liquidation of the company. The crisis was due to $4 billion design flaw in the turbines from the 2000 ABB Group acquisition, and from the collapse of customer Renaissance Cruises, and a downturn in the marine market. Alstom's share price had dropped 90% over two years.[14][15] Alstom solds its industrial turbine business to Siemens for €1.1 billion.[16] Alstom was also required to sell several of its subsidiaries including its shipbuilding and electrical transmission assets as part of a €3.2 billion rescue plan involving the French state.[17]

In 2004, the French State took a 21% stake in Alstom and received an EU-approved French government bailout worth €2.5 billion.[18] The company sold its T&D activities to Areva, the diesel locomotive manufacturer Meinfesa to Vossloh AG, and Alstom Power Rentals to APR LLC. Alstom also delivered the Queen Mary 2, the world's largest ocean liner, to Cunard during 2004.

In 2006, Alstom sold its Marine Division to the Norwegian group Aker Yards, retaining 25% of the shares until 2010. It also sold Alstom Power Conversion which became Converteam Group in a leveraged buy-out deal funded by Barclays Private Equity France SAS.[19] In June, Bouygues group acquired the French government's 21% holding for €2 billion.[20] Later in the year, Bouygues increases its shareholding to 24%. In 2007, TGV Est set the world speed record for rail vehicles of 574.8 kilometres per hour (357.2 mph). In June, Alstom acquired the Spanish wind turbine manufacturer Ecotècnia, now called Alstom Wind.

In 2009, Alstom acquired 25% of Russia's Transmashholding.[21] In 2010, Alstom re-acquired the electric power transmission division of Areva SA, which had previously been sold to Areva in 2004.[22][23] A new division is created called Alstom Grid.[24] The company opened a wind turbine assembly facility in Amarillo, Texas and a turbine manufacturing facility in Chattanooga, Tennessee.[25][26] It also opened a new hydropower facility in China.[27]

In 2011, Alstom and the Iraqi government signed a memorandum of understanding regarding the construction of a new high-speed rail line between Baghdad and Basra.[28] In 2012, Alstom opened construction of factories at Sorel-Tracy, Quebec, Canada (passenger rail vehicles),[29][30] Cherbourg (Turbine blades in association with LM Power, wind turbine towers), at Saint-Nazaire (Nacelles and generators).[31][32][33] and at Ufa, Russia, (a joint venture with RusHydro to manufacture hydropower equipment).[34]

In November 2013, Alstom announced it planned to raise €1 to €2 billion through sale of some non-core assets, plus the possible sale of a stake in Alstom Transport, and cut 1300 jobs.[35][36] In 2014, it sold its steam auxiliary components activities to Triton Partners for €730 million.[37]

Acquisition by General Electric

On 24 April 2014, Bloomberg L.P. reported that General Electric (GE) was in talks to acquire Alstom for $13 billion, and claimed the deal had the support of 29% shareholder Bouygues; as a result the company share price rose 18% in one day. Neither GE nor Alstom confirmed the information.[38] On 27 April, Le Figaro reported that an alternative offer of a cash plus asset swap had been made by Siemens.[39] The bid was reported to involve Siemens acquiring Alstom's power business in exchange for part of its rail transport arm, plus a cash offer as good as GE's and various job guarantees.[40][41] The Siemens deal was reported to be promoted by French economic minister Arnaud Montebourg, but the two companies' product overlap was greater, representing a greater jobs risk, and potential issues with European competition regulators.[40][42] Siemens' initial offer was characterised as "defensive" and was met with scepticism from investors and analysts.[43][44] On 29 April, Reuters reported that the board of Alstom had accepted a €10 billion bid from GE for its energy operations.[43] GE Executive Jeffrey R. Immelt gave assurance about continued investment in Alstom's French activities, on security relating to Alstom's involvement in the French civil nuclear sector, and on job commitments made by Alstom Wind regarding its new factories, whilst making Alstom's wind activities available for sale to French investors.[45] On 30 April, Alstom confirmed an offer representing an equity value of €12.35 billion (€11.4 billion enterprise value) for its power and grid divisions was under review, with key interests including the French state.[46] GE confirmed the offer.[47]

On 5 May, General Electric posted an offer to buy 1/4 of the shares in Alstom's Indian power and distribution companies: Alstom T&D India and Alstom India at 261.25 and 382.20 rupees a share (value US$278 million and $111 million respectively) subject to its bid for Alstom SA being successful.[48] The same day, the French government stated it did not back GE's bid, citing concerns on the potential future of Alstom's rail transport business as a smaller separate entity, suggesting that GE transfer its own rail division to Alstom; other concerns were retaining national technological independence in the civil nuclear field, and French jobs.[49] The next week, France issued a decree (Décret n° 2014-479 du 14 mai 2014.[note 1]), nicknamed "décret Alstom", extending to power of the state to veto the takeover of "strategic interests" into areas of energy supply, water, transport, telecoms and public health.[51][52][53] Both the French employer organisation MEDEF and the European Commissioner for Internal Market and Services (Michel Barnier) criticised the decree.[51][52]

On 16 June, Siemens and Mitsubishi Heavy Industries (MHI) submitted a competing proposal in which Siemens would acquire Alstom's gas turbine activities for €3.9 billion and MHI would form joint ventures with Alstom, acquiring 40, 20 and 20% stakes in Alstom's steam and nuclear, electrical grid, and hydroelectric businesses respectively, for €3.1 billion. the proposal including an additional offer to acquire a further 10% stake from shareholder Bouygues and the option to form a joint venture in rail transport.[54][55] On 19 June, GE revised its bid, valuing the assets at the same price, but with a lower cash transaction value. The revised bid proposed to form a 50:50 joint venture combining GE's and Alstom's renewable and electric grid business, and a 50:50 joint venture in Alstom's steam turbine and nuclear power business. GE also announced a memorandum of understanding between the two firms in the rail transport sector, where GE would sell its rail signalling business to Alstom.[56][57] On 20 June, Siemens and MHI modified their offer, with MHI increasing its stake in Alstom's steam, hydro, and grid businesses to 40% in all three (total €3.9billion), and with Siemens increasing its offer by to €4.3 billion.[58] Economy minister Arnaud Montebourg stated he would block both bids, but stated the French government had given GE additional specifications regarding commitments and guarantees that would receive government support.[59][60][61][62][63][64] The Alstom board met the next day and backed GE's revised bid.[65][66] On 22 June, the French state agreed to terms with Bouygues to purchase part of their shareholding in Alstom, taking a 20% stake in Alstom from Bouygues before payment, with an agreement to buy the shares at a 2–5% discount.[note 2][67][68][69] Analysts said Bouygues was under pressure to make a deal with the state in order to gain positive political capital due to regulation issues the company was facing in the telecoms sector of France.[70]

The GE acquisition deal is expected to be finalised by early 2015.[67]

Company structure, products, and services

Alstom operates in three main business areas: Power generation, rail transport, and transmission.[71]

Power generation

Alstom power activities, collectively called Alstom Power Systems, include the design, manufacturing, services and supply of products and systems for the power generation sector and industrial markets. The group covers most energy sources, including gas, coal, nuclear, hydro, wind. Power Systems provides components for power generation including: boilers, steam turbines and gas turbines, wind turbines, generators, air quality control systems and monitoring and control systems for power plants, as well as related products. It has a special focus on boilers and emissions control equipment.[72]

Power Systems also provides services such as product retrofitting for nuclear and fossil steam turbines and refurbishment of existing power plants. It performs maintenance and servicing under long-term agreements for its own turbines, as well as those manufactured by GE and Siemens. In Russia, the company services nuclear equipment under a join agreement with Atomenergomash. In Brazil, Alstom, together with Bardella, run a joint venture called Indústria Metalúrgica e Mecânica da Amazônia to build hydroelectic power plants throughout the Amazon and Latin American regions. In India, Alstom has a joint venture with Bharat Forge to manage power production from start to finish.[72]

Transport

Alstom Transport develops and markets a complete range of systems, equipment and service in the railway industry.[72] The division has annual sales of €5.5 billion as of 2013.[73] It is one of the world's largest manufacturers of high-speed trains, tramways and metros, electrical and diesel trains, information systems, traction systems, power supply systems and track work.[72] The company also operates in the rail infrastructure market, designing, producing and installing infrastructure for the rail network. These includes information solutions, electrification, communication systems, track laying, station utilities, as well as workshops and depots. Maintenance, rebuilding, and renovation services are also provided by the company. Alstom Transport operates in 70 countries and employs 26,000 people.[74]

Notable products includes series production of the TGV high-speed trains with over 650 trainsets sold over 25 years, as well as the AGV (Automotrice Grande Vitesse) unveiled in February 2008 and which entered service with NTV in Italy in 2012.[75] The company also produces Citadis trams; as of 2007, over 1100 Citadis trams are in use by 28 cities including Dublin, Algiers, Barcelona, Melbourne and Paris.[76] Since 2002, Alstom has manufactured the Pendolino tilting train, following the acquisition of Fiat Ferroviaria.

Alstom Grid

A third business section based on power transmission was formed on 7 June 2010 with the acquisition of the transmission business of Areva SA.[77] The division manufactures equipment for the entire chain of electrical power transmission, including ultra-high voltage transmission lines (both AC and DC). Alstom Grid is headquartered at La Défense, the business district west of Paris, and has four main businesses: electrical transmission system products, power electric system, automation, and service.[78] Alstom Grid has roughly 10% of the global market share.[79]

Financial information

Alstom was listed on the London, New York and Paris Stock Exchanges when it was floated on 22 June 1998.[80] Following the financial reconstruction in 2003, the company remained listed on the Paris Stock Exchange, but was delisted from the London Stock Exchange on 17 November 2003 and the New York Stock Exchange in August 2004.[81][82]

See also

Notes

  1. ^ The decree was an amendment to the Code monétaire et financier (French), extending powers given by Decree No. 2005-1739 (30 December 2005);[50]
  2. ^ The 20% shareholding gave the state 2 seats on the board. The share purchase deal was for 20 months, after which the state was entitled to a 15% share at a similar markdown on the actual market price.[67]

References

  1. ^ Alstom – Power technologies and transport development locations, Alstom, retrieved 17 May 2014
  2. ^ a b c d e f "Consolidated financial statements Year ended 31 March 2011" (PDF). Alstom. Archived from the original (PDF) on 25 July 2011.
  3. ^ "Une nouvelle division des ACEC cédée à la CGE", archives.lesoir.be (in French), 11 January 1989
  4. ^ Guy Depas (1 December 1998), "ACEC", archives.lesoir.be (in French)
  5. ^ "Les ACEC vendent", archives.lesoir.be (in French), 12 January 1989
  6. ^ Beatrice Delvaux (7 January 1989), "La reprise du ferroviaire", archives.lesoir.be (in French)
  7. ^ a b International Directory of Company Histories (1994)
  8. ^ "Alstom Signalling History", www.alstomsignalingsolutions.com, archived from the original on 9 January 2013
  9. ^ "ALSTOM sells its heavy duty gas turbine business to General Electric", www.alstom.com (press release), 23 March 1999
  10. ^ "ALSTOM completes sale of its heavy duty gas turbine business to General Electric", www.alstom.com (press release), 25 June 1999
  11. ^ "ABB to Sell Stake in ABB Alstom Power". tdworld.com. Transmission & Distribution World. 1 May 2000.
  12. ^ "Man acquires ALSTOM's diesel engine operations", www.alstom.com (Press release), 21 February 2000
  13. ^ "Article: Alstom Takes Over Fiat Ferroviaria". www.highbeam.com. International Railway Journal Article. 1 July 2000.
  14. ^ "Can Alstom Get Back on Track? It's a financial wreck, and the rescue plan may not work". www.businessweek.com. Bloomberg. 21 July 2003.
  15. ^ "French capitalism. Bull again France's state-backed rescue of Alstom is all too familiar". The Economist. 7 August 2003.
  16. ^ "Siemens buys Alstom industrial turbines business for €1.1bn", www.power-eng.com, 28 April 2003
  17. ^ Maurice Braud (22 October 2010), "Alstom rescue plan agreed", www.eurofound.europa.eu, Eurofound
  18. ^ "EU gives Alstom bailout backing". news.bbc.co.uk. BBC NEWS. 7 July 2004.
  19. ^ "Converteam Annual Report 2006". www.converteam.com. Converteam. 5 May 2007.[dead link]
  20. ^ "Bouygues buys Alstom stake", www.guardian.co.uk, The Guardian, 28 April 2006
  21. ^ "Alstom and the Russian rail manufacturer Transmashholding sign a strategic partnership agreement". eng.tmholding.ru. 31 March 2009.
  22. ^ "Alstom Acquires Areva Division for 2.3 Billion Euros (Update3)". www.businessweek.com. Bloomberg. 8 June 2010.
  23. ^ "Alstom wants to buy former unit from Areva". www.reuters.com. Reuters. 9 March 2009.
  24. ^ "Alstom creates a third Sector, Alstom Grid, with the acquisition of the transmission business of Areva". www.alstom.com (Press release). Alstom. 8 June 2010.
  25. ^ "Alstom opens in Chattanooga, USA, a state-of-the-art turbine manufacturing facility to address the North American power generation market". 24 June 2010.
  26. ^ "Alstom Outlines Plans for North American Wind Turbine Assembly Facility". 25 May 2010.
  27. ^ "Alstom inaugurates new hydropower manufacturing facility in China; New carbon-neutral factory will reinforce Alstom's leading position in the Chinese hydro market". 4 November 2010.
  28. ^ "Iraq: France's Alstom signs high-speed rail line deal". BBC News Online. 24 June 2011. Archived from the original on 27 June 2011. Retrieved 27 June 2011.
  29. ^ Sylvain Rochon (20 May 2012), "Il réalise son engagement électoral le plus audacieux" Un jour pas si lointain, des bogies construits à Sorel-Tracy équiperont des rames de métro partout au Canada et aux Etats-Unis " – Sylvain Simard", www.soreltracyregion.net
  30. ^ "New Alstom manufacturing plant in Canada", www.alstom.com, 18 May 2012
  31. ^ *Ben Backwell (13 April 2012), "Green Street: Et voilà! A French offshore wind turbine industry", www.rechargenews.com
  32. ^ Muriel Boselli (6 April 2012), "Alstom win bulk of French wind farm tender (UPDATE 2-EDF)", www.reuters.com
  33. ^ "Alstom confirme l'implantation de 4 usines à Cherbourg et Saint-Nazaire pour livrer son éolienne Haliade 150 au consortium EDF EN", www.businesswire.com (in French), Alstom, 6 April 2012
  34. ^ "Alstom and RusHydro start work on new manufacturing plant", www.waterpowermagazine.com, 15 May 2012
  35. ^ Stothard, Michael (6 November 2013), "Alstom to cut 1,300 jobs and sell assets", www.ft.com
  36. ^ Landauro, Init (6 November 2013), "Alstom to Sell Stake in Bullet-Train Unit – French Conglomerate Targets $1.35 Billion to $2.7 Billion in Asset sales", online.wsj.com
  37. ^ Alstom sells its steam auxiliary components activities to Triton for around €730 million (Press release), Alstom, 4 April 2014
  38. ^ Kirchfeld, Aaron; Campbell, Matthew; McCracken, Jeffrey (24 April 2014), General Electric Said in Talks to Buy France’s Alstom, Bloomberg
  39. ^ Letessier, Ivan (27 April 2014), "Alstom : le gouvernement travaille à un projet franco-allemand avec Siemens", www.lefigaro.fr
  40. ^ a b Kirchfeld, Aaron; de Beaupuy, Francois; Webb, Alex (27 April 2014), "Siemens Said to Offer Alstom Asset Swap to Beat GE Bid", www.bloomberg.com
  41. ^ Campbell, Matthew; Fouquet, Helene; de Beaupuy, Francois (28 April 2014), "GE's Alstom Bid Gains Steam as Hollande Said Not Opposed", www.bloomberg.com
  42. ^ Meichtry, Stacy; Gauthier-Villars, David (27 April 2014), "Siemens's New Alstom Bid Disrupts GE Deal", online.wsj.com
  43. ^ a b Protard, Matthieu; Sheahan, Maria (29 April 2014), "Alstom accepts 10 billion euro GE bid for its energy unit", www.reuters.com
  44. ^ Gordon, Sarah (4 June 2014), "Siemens rides to Alstom's rescue on a horse gone lame", www.ft.com
  45. ^ Le Billon, Veronique (29 April 2014), "Alstom : ce que promet General Electric à Hollande", www.lesechos.fr (in French)
  46. ^ Alstom is considering the proposed acquisition of its Energy activities by GE and the creation of a strong standalone market leader in the rail industry (Press release), Alstom, 30 April 2014
  47. ^ GE offers $13.5 billion enterprise value to acquire Alstom Thermal, Renewables, and Grid businesses (Press release), GE, 30 April 2014
  48. ^ "GE makes $389 mln share tender offer for Alstom's India units", www.reuters.com, 5 May 2014
  49. ^ Jolly, David (5 May 2014), "France Says It Opposes G.E.'s Bid for Alstom Unit", dealbook.nytimes.com
  50. ^ "Décret n°2005-1739 du 30 décembre 2005 réglementant les relations financières avec l'étranger et portant application de l'article L. 151-3 du code monétaire et financier", www.legifrance.gouv.fr (in French), 31 December 2005
  51. ^ a b "Décret Alstom : une "mauvaise idée" pour Gattaz, la Commission européenne attentive", www.boursier.com (in French), 15 May 2014
  52. ^ a b "France grabs for power over Alstom future with new takeover law (update 5)", www.reuters.com, 15 May 2014
  53. ^ de Beaupuy, Francois; Fouquet, Helene; Deen, Mark (15 May 2014), "France Fortifies Anti-Takeover Law as GE, Siemens Eye Alstom", www.bloomberg.com
  54. ^ Mitsubishi Heavy Industries and Siemens provide a compelling proposal for Alstom (PDF) (Press release), Mitsubishi Heavy Industries / Siemens, 16 June 2014
  55. ^ "Siemens and Mitsubishi launch Alstom gas bid", BBC News, 16 June 2014 {{citation}}: Cite has empty unknown parameter: |1= (help)
  56. ^ GE Announces Energy and Transport Alliance with Alstom (press release), GE, 19 June 2014
  57. ^ Mallet, Natalie (19 June 2014), "GE reshapes Alstom offer to appease France", www.bloomberg.com
  58. ^ Mitsubishi Heavy Industries and Siemens specify proposal to Alstom (PDF) (press release), Siemens / Mitsubishi Heavy Industries, 20 June 2014
  59. ^ Vey, Jean-Baptiste; Huet, Natalie (20 June 2014), "France picks GE for Alstom, but says there's still work to do (UPDATE 3)", www.reuters.com
  60. ^ Armstrong, Ahsley (20 June 2014), "France to take 20pc stake in Alstom alongside GE deal", www.telegraph.co.uk
  61. ^ "Alstom: GE and French state agree to work on new offer", BBC News, 20 June 2014
  62. ^ Carnegy, Hugh; Stothard, Michael (20 June 2014), "French government backs GE-Alstom deal", www.ft.com
  63. ^ "Alstom : l'Etat retient General Electric", www.lesechos.fr (in French), 20 June 2014
  64. ^ "L'Etat devient le principal actionnaire d'Alstom", www.lemonde.fr (in French), 20 June 2014
  65. ^ Carnegy, Hugh; Stothard, Michael; Crooks, Ed (21 June 2014), "Alstom board unanimously approves revised GE bid", www.ft.com
  66. ^ Guillaume, Gilles; Pineau, Elizabeth (21 June 2014), "Alstom backs GE bid as Bouygues stake deal takes shape (UPDATE 4)", www.reuters.com
  67. ^ a b c Mallet, Benjamin; Frost, Laurence (23 June 2014), "France secures Alstom stake option ahead of GE tie-up", www.reuters.com
  68. ^ "France secures option to buy Alstom stake from Bouygues", www.reuters.com, 22 June 2014
  69. ^ Landauro, Inti; Meichtry, Stacy (22 June 2014), "France Lifts Hurdle to GE-Alstom Deal", online.wsj.com
  70. ^ Guillaume, Gilles; Pineau, Elizabeth (21 January 2014), "Alstom backs GE bid as Bouygues stake deal takes shape", www.reuters.com
  71. ^ Alstom – Our Activities[dead link] www.alstom.com
  72. ^ a b c d "Alstom (ALO:Euronext Paris) Company Description". Business Week. Retrieved 24 June 2014.
  73. ^ Paul Whitfield (6 May 2014). "GE Offers New Talks With France Over Alstom bid". The Street. Retrieved 24 June 2014.
  74. ^ "Green ambition". Railway Strategies. Retrieved 24 June 2014.
  75. ^ "Sarkozy backs Alstom's Grande Vitesse". Railway People. 14 February 2008. Retrieved 24 June 2014.
  76. ^ "Alstom to supply Citadis tramways in Oran and Constantine". Visit Oran. 18 November 2007. Retrieved 24 June 2014.
  77. ^ The creation of a third sector, Alstom Grid, opens a new development phase for Alstom[dead link] www.alstom.com
  78. ^ "Alstom Grid – a global organization focused on performance". Alstom.com. Retrieved 25 June 2014.
  79. ^ Geert De Clercq (29 April 2014). "Whoever wins Alstom power assets, industry faces shakeout". Reuters. Retrieved 24 June 2014.
  80. ^ "ALSTOM 1998/1999 : A year of solid results". Alstom. Retrieved 24 June 2014.
  81. ^ "Alstom Re Secondary Listing". Trustnet.com. Retrieved 25 June 2014.
  82. ^ Marie Singer (27 April 2014). "Alstom takeover, French government slams brakes". Market Business News. Retrieved 24 June 2014.

Sources

  • "Alcatel Alsthom Compagnie Générale d'Electricité", International Directory of Company Histories, vol. 9, St. James Press, 1994
Wikimedia Commons has media related to Alstom.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Alstom&oldid=614610078"