New Delhi: General Electric Co. on Monday made tender offers to buy shares worth up to $389 million (Rs.2,377 crore) in two of Alstom SA’s India units to comply with local rules, following its $16.9 billion bid to buy the French group’s energy unit.
GE has offered to buy 25% in Alstom T&D India Ltd from public shareholders at Rs.261.25
a share in a deal valued at up to $278 million, according to a notice
issued to Indian stock exchanges by the offer manager Credit Suisse Group AG.
GE is also seeking to buy 26% of Alstom India Ltd at Rs.382.20
per share for up to $111 million, said a separate filing. GE will
proceed with the offers only if its bid for Alstom’s energy arm goes
through, the filings said.
Cash-strapped French engineering group Alstom said last
week it would explore a $16.9 billion offer from General Electric for
its energy arm while leaving the door open to a rival bid from Germany’s
Siemens AG.
Shares in Alstom T&D India were up 6.4% at Rs.289.15, while Alstom India lost early gains and were trading down 0.8% at Rs.452 at 10:34am. The Nifty was up 0.28%.
GE will indirectly acquire Alstom’s 75% stake in Alstom
T&D and 68.6% in Alstom India, if its bid to buy the French group’s
energy unit is successful, requiring the US group to launch tender offer
as per Indian market rulesonika jaiswal
pgdm 1st year
2013-15
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