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France: Watchdog pushes GE/Alstom merger forward

By  |  November 5, 2014

French authorities said Wednesday that they have extended approval for General Electric to acquire energy firm Alstom.

According to reports, economy minister Emmanuel Macron announced clearance for the $13.5 billion takeover that was first announced earlier this year. The government reviewed the deal under new legislation that requires any foreign investment in strategic sectors to be scrutinized.

Reports say the companies still need approval by Alstom shareholders. That vote is scheduled to take place on December 19. General Electric and Alstom added that a total of 20 antitrust authorities around the globe will also need to clear the deal.

The firms say the expect to finalize the merger in the middle of next year.

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