Alstom India soars 18% on GE's binding offer for parent's energy biz

Alstom India shares rose as much as 18 per cent, while Alstom T&D India rose as much as 12 per cent on hopes of a mandatory open offer to acquire their shares from the open market.. The de-listing speculation has gained ground after Alstom announced today that it has received a binding offer from General Electric (GE) to acquire its energy business and said it is considering the proposed acquisition. US conglomerate General Electric offered to buy the two Indian companies' parent Alstom's energy business for about 12.35 billion euro.. Alstom said, if the deal materializes, it would focus on its transport activities, for which it is a global leader.. Earlier, Germany's Siemens had also shown interest in Alstom's energy business. Alstom said it has reviewed Siemen's interest and will give the company a "fair access" if it decides to come up with a binding offer.. Alstom India which operates in rail, hydroelectric & boiler manufacturing space is a subsidiary of French turbine and train maker Alstom. Alstom currently holds 68.5 per cent shares of Alstom India. Alstom T&D India is 75 per cent owned by its parent Alstom and is into transmission and distribution in India.. Post this offer from GE, both the Indian listed entities of Alstom (i.e Alstom India & Alstom T&D India) may launch a mandatory open offer for acquiring remaining outstanding shares of their respective entities floated in market.. Shares in Alstom India traded 15.64 per cent higher at Rs 472 and Alstom T&D India shares traded 11 per cent higher at Rs 294.5 compared to 0.40 per cent gain on Nifty as at 12.50 p.m.

Alstom India soars 18% on GE's binding offer for parent's energy biz

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