France won't block Alstom bids if keeps control of nuclear assets

The French government would not block a takeover of power and transport company Alstom if the state retained control over its nuclear activities, considered a strategic asset, Economy Minister Arnaud Montebourg said on Wednesday. Montebourg this week waded into talks of a takeover of Alstom by U.S. group General Electric, threatening to block the bid for what he called a 'strategic' company if the buyer failed to provide guarantees on its long-term viability. France introduced a decree in 2005 allowing the state to block the takeover of any asset deemed a "strategic interest" ranging from defense and security to biotechnology, after a failed attempt by Pepsi to purchase France's Danone. On Tuesday, GE Chief Executive Jeffrey Immelt wrote to President Francois Hollande offering guarantees on governance and saying that GE would "work with the (French) state... to protect the (nuclear) sector and safeguard its exports".



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