Chronic. How to transform failure into success, and a victory in defeat ? Three years after the acquisition always controversial subject of the energy business of Alstom by the american General Electric, it is clearly the latter that is the victim.
It was purchased at the highest a ex-flagship tricolour at the time of the reversal of the cycle of the gas turbine. Alstom had already almost died for the same reason in the early 2000’s and was saved in extremis, in 2004, by a nationalisation of a part of the company. She was finally surrendered ten years later.
A possible dismantling
Now, it is the buyer who acknowledges having made a bad deal. The market has indeed collapsed since. To the extent that it evokes from the beginning of the year 2018 a possible dismantling of what remains one of the most prestigious american companies.
And the accounts of the company are not going to arrange with the confirmation this Thursday, may 10, by Alstom, refocused on rail, of its desire to exercise its right of sale of the last joint companies, which he still owns, following the agreement with the american. As requested by the French State, the three activities considered of strategic importance have been isolated in three joint venture companies, one in the networks, the other in renewable energies and the third largest in the nuclear. The agreement provided for the acquisition by Alstom of 50 % of GE in these areas, their sale. It is the last option that was chosen.
Next September, GE will be forced to buy back the shares of the French in these companies at an agreed price in advance : eur 2.6 billion. The State retaining a “golden share” in the nuclear. A sum quite penny for companies that have weighed on the fiscal year 2016-2017 Alstom for more than a billion euros of net losses, including 884 million for the only activity of the renewable…
