Alstom Board Clears GE's Sweetened Offer

阿爾斯通接受通用電氣修改收購要約

June 21, 2014 —— The board of French engineering group Alstom SA said Saturday it has officially accepted General Electric Co.’s sweetened offer for its power-equipment unit，ending a two-month scramble for the maker of turbines for power plants.

6月21日消息——法fa國guo工gong程cheng集ji團tuan阿e爾er斯si通tong董dong事shi會hui在zai周zhou六liu表biao示shi，已yi正zheng式shi接jie受shou通tong用yong電dian氣qi對dui其qi電dian力li設she備bei的de修xiu改gai版ban收shou購gou要yao約yue。至zhi此ci，長chang達da兩liang個ge月yue的de阿e爾er斯si通tong競jing購gou戰zhan宣xuan告gao結jie束shu。

The board accepted the revised offer made by GE on Friday，when the U.S. group changed its $17 billion initial offer for the whole of Alstom’s power business to make it more palatable to the French government
，which was reluctant to let the industrial jewel fall into U.S. hands.

阿爾斯通董事會接受了美國通用電氣周五提出的收購要約

，後者修改了以170億美元收購阿爾斯通全部能源業務的初始提議，使得修改後的要約對不願讓這一行業翹楚落入美國手中的法國政府而言更具吸引力。

Under the revised GE bid，Alstom would sell its gas turbine business
，the largest part of the power-equipment unit，to the U.S. company and house the French part of its steam and nuclear turbines，renewable-energy activities and grid equipment in 50/50 joint ventures with GE.

根(gen)據(ju)通(tong)用(yong)電(dian)氣(qi)修(xiu)改(gai)後(hou)的(de)要(yao)約(yue)
，阿(e)爾(er)斯(si)通(tong)將(jiang)向(xiang)通(tong)用(yong)電(dian)氣(qi)出(chu)售(shou)其(qi)燃(ran)氣(qi)渦(wo)輪(lun)發(fa)電(dian)機(ji)業(ye)務(wu)，這(zhe)是(shi)其(qi)電(dian)力(li)設(she)備(bei)部(bu)門(men)中(zhong)最(zui)大(da)一(yi)部(bu)分(fen)業(ye)務(wu)。此(ci)外(wai)，阿(e)爾(er)斯(si)通(tong)還(hai)將(jiang)與(yu)通(tong)用(yong)電(dian)氣(qi)各(ge)出(chu)資(zi)50%成立數家合資公司
，經營蒸汽及原子能渦輪發電機

、可再生能源和電網設備這三項業務。

The revised bid puts a value of $3.5bn on the stakes it will own in the three businesses that will be joint ventures with GE
，meaning that the net cash cost of the deal to the US group will be $10bn. It is the US company’s biggest ever industrial acquisition.

根據修改後要約的估價，阿爾斯通在主營這三項業務的合資公司中擁有的股份為35億美元
，這意味著通用電氣對該項收購交易的淨現金成本將為100億美元。這是通用電氣有史以來最大的行業收購案。

GE has also agreed to sell its rail signalling business to Alstom for $825m
，further offsetting the cost of the acquisition.

通用電氣也同意將鐵路信號傳輸業務以8.25億美元的價格出售給阿爾斯通，這也進一步抵消了收購交易的成本。

On Friday the government backed the proposed deal with GE，rejecting a rival Siemens-Mitsubishi offer it had previously encouraged as ministers sought guarantees on domestic jobs and activities deemed strategic.

法fa國guo政zheng府fu在zai周zhou五wu表biao示shi支zhi持chi通tong用yong電dian氣qi的de收shou購gou方fang案an，並bing拒ju絕jue了le西xi門men子zi和he三san菱ling重zhong工gong的de競jing購gou要yao約yue。此ci前qian
，為wei了le保bao障zhang國guo內nei就jiu業ye，並bing出chu於yu戰zhan略lve考kao慮lv，法fa國guo政zheng府fu曾zeng對dui西xi門men子zi和he三san菱ling重zhong工gong的de競jing購gou表biao示shi鼓gu勵li。

The two groups made a 8.2bn euros cash offer，lifting the total value of their offer to 14.6bn euros-more than the value of the GE bid. It included Siemens also putting railway assets into Alstom’s transport unit.

在這兩家公司的競購方案中
，現金報價為82億歐元，總報價提高至146億歐元，這一價格高於通用電氣的收購報價。此要約還包括西門子計劃向阿爾斯通的運輸部門出售其鐵路資產業務。

French Economy and Industry Minister Arnaud Montebourg said the Siemens-MHI bid was“very serious，very credible”but faced potential competition problems from the European Commission，which he blamed as the“principal obstacle”to creating European“industrial champions”as he has advocated.

法國經濟和工業部長Arnaud Montebourg表示，西門子和三菱重工的收購方案“非常認真且可信”，但可能麵臨來自歐盟委員會有關競爭方麵的質疑。他指責
，這也是其此前倡導的打造歐洲“行業領軍企業”的主要障礙。

Siemens on Friday conceded in its battle to take over part of France's Alstom."We respect and understand the political interest of the government in the field of energy," Siemens said in a statement, adding that its offer for Alstom's energy assets was "verifiably better" than the rival bid.

西門子周五宣布退出爭奪阿爾斯通能源業務的收購戰。“我們尊重並且理解法國政府在能源技術領域的政治利益。”西門子在聲明中表示，其同時也指出，西門子對阿爾斯通能源資產的收購要約可證明比對手更為優厚。

But the official green light remains subject to strict conditions agreed with GE - as well as the government’s purchase of the Alstom stake from Bouygues.

不(bu)過(guo)，對(dui)此(ci)項(xiang)交(jiao)易(yi)的(de)正(zheng)式(shi)放(fang)行(xing)


，還(hai)取(qu)決(jue)於(yu)阿(e)爾(er)斯(si)通(tong)與(yu)通(tong)用(yong)電(dian)氣(qi)達(da)成(cheng)的(de)嚴(yan)格(ge)條(tiao)件(jian)是(shi)否(fou)得(de)以(yi)履(lv)行(xing)
，以(yi)及(ji)法(fa)國(guo)政(zheng)府(fu)能(neng)否(fou)順(shun)利(li)向(xiang)布(bu)依(yi)格(ge)集(ji)團(tuan)收(shou)購(gou)阿(e)爾(er)斯(si)通(tong)股(gu)份(fen)。

The French government sprang a surprise on Friday by saying it would take a 20 per cent stake in Alstom，becoming the company’s biggest shareholder and making the French state GE’s main partner in three joint ventures that are part of the deal. The French state will buy its 20 per cent stake in Alstom by acquiring most of the existing shareholding of Bouygues
，the French conglomerate that is currently Alstom’s biggest shareholder.

法國政府在周五意外宣布，將收購阿爾斯通20%的de股gu份fen，從cong而er成cheng為wei阿e爾er斯si通tong的de最zui大da股gu東dong，並bing成cheng為wei通tong用yong電dian氣qi在zai將jiang要yao成cheng立li的de三san家jia合he資zi公gong司si中zhong的de主zhu要yao合he作zuo夥huo伴ban。法fa國guo政zheng府fu將jiang向xiang阿e爾er斯si通tong目mu前qian的de最zui大da股gu東dong
、法國布依格集團收購阿爾斯通20%的股份
，這也是其目前持有的阿爾斯通股份中的絕大部分。

The deal still needs regulators’and Alstom staff representatives’approval.If approved，the deal is expected to be completed in 2015.

這項交易仍需得到法國監管部門的批準和阿爾斯通職工代表的同意。如獲通過，預計這項交易將於2015年完成。