General Electric Co. (GE) Monday made a bid to buy shares worth up to $389 million in two India units of French engineering major Alstom SA.
According to a stock exchange filing by the offer manager Credit Suisse, GE has sought to buy 25 percent in Alstom T&D India Ltd. from public shareholders at Rs.261.25 a share, in a deal valued at $278 million.
A separate filing said GE is also seeking to buy 26 percent of Alstom India Ltd. at Rs.382.20 a share for a deal of up to $111 million. GE will proceed with the offers only if its bid for Alstom's energy arm goes through, the filings said.
"On behalf of GE Energy Europe B.V. in their capacity as persons acting in concert with the Acquirer, Credit Suisse Securities (India) Private Limited has issued a Public Announcement in connection with the Open Offer to the shareholders of Alstom India Limited", an Alstom India announcement said.
Alstom said last week that it would explore a $16.9 billion offer from GE for its energy arm. GE will indirectly acquire Alstom's 75 percent stake in Alstom T&D and 68.6 percent in Alstom India, if its bid to buy the French group's energy unit is successful.
Alstom T&D India stock Monday gained 3.00 points, or 1.11 percent, at Rs.274.20 a share in afternoon trade, while Alstom India's at 457.00 a share gained 2.70 points, or 0.59 percent, over their previous closures on the Bombay Stock Exchange (BSE).
--Indo-Asian News Service