General Electric of the US and Siemens of Germany yesterday launched charm offensives to win France’s socialist government over to their competing bids for engineering group and “industrial jewel” Alstom, each arguing that its offer best served the national interest.
Jeff Immelt, chief executive of GE, and Joe Kaeser, his Siemens counterpart, met president François Hollande at the Elysée Palace after Paris threatened to block any deal it considered unsuitable.
The GE approach sparked national debate last week over France’s declining industrial power and spurred politicians to seek alternatives, though the state no longer has a stake in Alstom.
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