France boosts say on GE bid for Alstom with takeover law

By Jean-Baptiste Vey and Benjamin Mallet PARIS (Reuters) – The French government has issued a decree allowing it to block foreign takeovers of French firms in \"strategic\" sectors, throwing up a potential roadblock to General Electric's $16.9 billion bid for Alstom's energy assets. Any such acquisition will now need the approval of the Economy Minister, the decree published in France's Official Journal said. The current minister, Arnaud Montebourg, has openly criticized the proposed Alstom-GE deal for fear of the impact on French jobs and prestige, and has instead advocated a European tie-up with Germany's Siemens . \"With this new law, the risk that GE will reconsider its position increases, since additional concessions on a GE-Alstom deal will be sought by the French government to gain broader electorate support,\" Berenberg analysts said in a research note, adding it opened the door for an alternative deal with Siemens.