Editing Alstom (section)

=== Sale of energy businesses to General Electric ===
On 24 April 2014, unconfirmed reports claimed that US conglomerate [[General Electric]] (GE) was in acquisition talks with Alstom for $13&nbsp;billion with the support of 29%-shareholder Bouygues, causing Alstom's share price to rise 18% in one day.<ref>{{citation|url = https://www.bloomberg.com/news/2014-04-23/ge-said-in-talks-to-buy-france-s-alstom-for-about-13-billion.html|title = General Electric Said in Talks to Buy France's Alstom|first1 = Aaron|last1 = Kirchfeld|first2 = Matthew|last2 = Campbell|first3 = Jeffrey|last3 = McCracken|date = 24 April 2014|publisher = Bloomberg|access-date = 5 March 2017|archive-date = 24 January 2015|archive-url = https://web.archive.org/web/20150124115255/http://www.bloomberg.com/news/2014-04-23/ge-said-in-talks-to-buy-france-s-alstom-for-about-13-billion.html|url-status = live}}</ref> On 27 April, [[Le Figaro]] reported that a rival 'cash plus asset swap' offer was issued by [[Siemens]], trading Alstom's power business for part of its rail arm, plus a cash offer as good as GE's and job guarantees.<ref>{{citation| url = http://www.lefigaro.fr/societes/2014/04/26/20005-20140426ARTFIG00160-alstom-le-gouvernement-travaille-a-un-projet-franco-allemand-avec-siemens.php| title = Alstom : le gouvernement travaille à un projet franco-allemand avec Siemens| first = Ivan| last = Letessier| date = 27 April 2014| work = www.lefigaro.fr| access-date = 28 April 2014| archive-date = 28 April 2014| archive-url = https://web.archive.org/web/20140428035702/http://www.lefigaro.fr/societes/2014/04/26/20005-20140426ARTFIG00160-alstom-le-gouvernement-travaille-a-un-projet-franco-allemand-avec-siemens.php| url-status = live}}</ref><ref name="saidto">{{citation| url = https://www.bloomberg.com/news/2014-04-25/ge-executives-to-meet-with-french-government-on-alstom-takeover.html| title = Siemens Said to Offer Alstom Asset Swap to Beat GE Bid| first1 = Aaron| last1 = Kirchfeld| first2 = Francois| last2 = de Beaupuy| first3 = Alex| last3 = Webb| date = 27 April 2014| work = www.bloomberg.com| access-date = 5 March 2017| archive-date = 4 August 2014| archive-url = https://web.archive.org/web/20140804181429/http://www.bloomberg.com/news/2014-04-25/ge-executives-to-meet-with-french-government-on-alstom-takeover.html| url-status = live}}</ref> Siemens' bid was reportedly promoted by French economic minister [[Arnaud Montebourg]]. Siemens and Alstom had a greater product overlap and thus a greater risk to jobs, along with potential issues with EU competition regulators.<ref name="saidto" /><ref>{{citation| url = https://www.wsj.com/articles/new-siemens-bid-for-alstom-disrupts-deal-with-ge-1398643058| title = Siemens's New Alstom Bid Disrupts GE Deal| first1 = Stacy| last1 = Meichtry| first2 = David| last2 = Gauthier-Villars| date = 27 April 2014| work = online.wsj.com| access-date = 13 March 2017| archive-date = 25 April 2017| archive-url = https://web.archive.org/web/20170425204830/https://www.wsj.com/articles/new-siemens-bid-for-alstom-disrupts-deal-with-ge-1398643058| url-status = live}}</ref> Siemens' offer was characterised as "defensive", being skeptically received by investors and analysts.<ref name="accept" /><ref>{{cite news| url = http://www.ft.com/cms/s/0/d0867a16-ebd8-11e3-ab1b-00144feabdc0.html#axzz33mWcs9O6| archive-url = https://ghostarchive.org/archive/20221210221234/https://www.ft.com/content/d0867a16-ebd8-11e3-ab1b-00144feabdc0#axzz33mWcs9O6| archive-date = 10 December 2022| url-access = subscription| title = Siemens rides to Alstom's rescue on a horse gone lame| first = Sarah| last = Gordon| date = 4 June 2014| work = www.ft.com| access-date = 5 June 2014| url-status = live}}</ref>

On 29 April, [[Reuters]] reported that Alstom's board had accepted a €10&nbsp;billion bid by GE for its energy division;<ref name="accept">{{cite news| url = https://www.reuters.com/article/us-alstom-offer-idUSBREA3S0US20140429| title = Alstom accepts 10&nbsp;billion euro GE bid for its energy unit| first1 = Matthieu| last1 = Protard| first2 = Maria| last2 = Sheahan| date = 29 April 2014| work = www.reuters.com| archive-date = 18 May 2021| access-date = 5 July 2021| archive-url = https://web.archive.org/web/20210518224237/https://www.reuters.com/article/us-alstom-offer-idUSBREA3S0US20140429| url-status = live}}</ref> In a letter from GE executive [[Jeffrey R. Immelt]] to President [[François Hollande]] published in ''Les Echos'', Immelt gave assurances about continued investment in Alstom's French activities, the security of the civil nuclear sector, and on job commitments made by [[Alstom Wind]], whilst making its wind activities available to investors.<ref>{{cite web| url=http://www.lesechos.fr/entreprises-secteurs/industrie-lourde/actu/0203471029595-alstom-ce-que-promet-general-electric-a-hollande-667745.php| title = Alstom : ce que promet General Electric à Hollande| first =Veronique |last = Le Billon | date = 29 April 2014| language = fr| work = www.lesechos.fr}}</ref> On 30 April, Alstom confirmed that an offer for its power and grid divisions (representing an [[equity value]] of €12.35&nbsp;billion, €11.4&nbsp;billion [[enterprise value]]) was under review with key interests including the French state.<ref>{{citation| url = http://www.alstom.com/en/press-centre/2014/4/alstom-is-considering-the-proposed-acquisition-of-its-energy-activities-by-ge-and-the-creation-of-a-strong-standalone-market-leader-in-the-rail-industry/| title = Alstom is considering the proposed acquisition of its Energy activities by GE and the creation of a strong standalone market leader in the rail industry| date = 30 April 2014| publisher = Alstom| type = Press release| archive-url = https://web.archive.org/web/20140730164550/http://www.alstom.com/en/press-centre/2014/4/alstom-is-considering-the-proposed-acquisition-of-its-energy-activities-by-ge-and-the-creation-of-a-strong-standalone-market-leader-in-the-rail-industry/| archive-date = 30 July 2014| url-status = dead| df = dmy-all}}</ref> On 30 April, GE confirmed it had made a $16.9&nbsp;billion offer, comprising a $13.5&nbsp;billion value plus $3.4&nbsp;billion cash.<ref>{{citation| url = http://genewsroom.com/node/275160| title = GE offers $13.5&nbsp;billion enterprise value to acquire Alstom Thermal, Renewables, and Grid businesses| date = 30 April 2014| publisher = GE| type = Press release| archive-url = https://web.archive.org/web/20140502002109/http://www.genewsroom.com/node/275160| archive-date = 2 May 2014| url-status = dead}}</ref> On 5 May, GE offered to buy one-fourth of the shares in Alstom's Indian power and distribution companies – ''Alstom T&D India'' and ''Alstom India'' – at 261.25 and 382.20 rupees a share (value US$278&nbsp;million and $111&nbsp;million respectively) subject to its bid for Alstom SA being successful.<ref>{{citation| url=https://www.reuters.com/article/alstom-india-general-electric-idUSL3N0NR0SG20140505| title = GE makes $389&nbsp;mln share tender offer for Alstom's India units| date = 5 May 2014 |work = www.reuters.com| first=Devidutta| last=Tripathy}}</ref>

On 5 May 2014, the French government stated it did not back GE's bid, citing concerns on the future of Alstom's rail division as a smaller separate entity, suggesting that GE transfer its own rail division to Alstom; other concerns were over the civil nuclear field's national independence, and French jobs.<ref>{{citation| url = https://dealbook.nytimes.com/2014/05/05/france-says-it-opposes-g-e-s-bit-for-alstom-unit/| title = France Says It Opposes G.E.'s Bid for Alstom Unit| first = David| last = Jolly| date = 5 May 2014| work = dealbook.nytimes.com| access-date = 5 March 2017| archive-date = 27 August 2017| archive-url = https://web.archive.org/web/20170827003604/https://dealbook.nytimes.com/2014/05/05/france-says-it-opposes-g-e-s-bit-for-alstom-unit/| url-status = live}}</ref> On 14 May, France issued a decree (''Décret n° 2014-479 du 14 mai 2014''.{{refn|The decree was an amendment to the [[:fr:Code monétaire et financier|Code monétaire et financier (French)]], extending powers given by Decree No. 2005-1739 (30 December 2005);<ref>{{citation| url = http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=LEGITEXT000006053051&dateTexte=20091028| title = Décret n°2005-1739 du 30 décembre 2005 réglementant les relations financières avec l'étranger et portant application de l'article L. 151-3 du code monétaire et financier| date = 31 December 2005| language = fr| work = www.legifrance.gouv.fr| access-date = 17 May 2014| archive-date = 20 January 2020| archive-url = https://web.archive.org/web/20200120125553/https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=LEGITEXT000006053051&dateTexte=20091028| url-status = live}}</ref> the ''Décret n° 2014-479 du 14 mai 2014 relatif aux investissements étrangers''.<ref>{{citation| url = http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000028933611| title = Décret n° 2014-479 du 14 mai 2014 relatif aux investissements étrangers soumis à autorisation préalable| date = 16 May 2014| work = www.legifrance.gouv.fr| language = fr| access-date = 17 May 2014| archive-date = 25 June 2020| archive-url = https://web.archive.org/web/20200625200303/https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000028933611| url-status = live}}</ref> was nicknamed the "''décret Alstom''", or the "''décret Montebourg''".<ref>{{citation| url = http://www.lemonde.fr/les-decodeurs/article/2014/05/16/au-fait-c-est-quoi-ce-decret-sur-les-investissements-strategiques_4419342_4355770.html?xtmc=alstom&xtcr=2| title = Au fait, c'est quoi ce décret sur les " investissements stratégiques " ?| work = www.lemonde.fr| date = 16 May 2014| language = fr| access-date = 17 May 2014| archive-date = 24 June 2020| archive-url = https://web.archive.org/web/20200624210640/https://www.lemonde.fr/les-decodeurs/article/2014/05/16/au-fait-c-est-quoi-ce-decret-sur-les-investissements-strategiques_4419342_4355770.html?xtmc=alstom&xtcr=2| url-status = live}}</ref> [[Arnaud Montebourg]] stated that the decree protected France's strategic interests and was the end of [[laissez-faire]] economic policy.<ref>{{citation| url = http://www.lemonde.fr/politique/article/2014/05/15/arnaud-montebourg-le-decret-sur-les-entreprises-c-est-du-laisser-faire_4419368_823448.html?xtmc=alstom&xtcr=9| title = Montebourg : " Le décret sur les entreprises, c'est la fin du laisser-faire "| date = 15 May 2014| first1 = David Revault| last1 = d'Allonnes| first2 = Cedric| last2 = Pietralunga| language = fr| work = www.lemonde.fr| quote = ''Le choix que nous avons fait, avec le premier ministre, est un choix de patriotisme économique. Ces mesures de protection des intérêts stratégiques de la France sont une reconquête de notre puissance. C'est la fin du laisser-faire''| access-date = 17 May 2014| archive-date = 16 January 2020| archive-url = https://web.archive.org/web/20200116032823/https://www.lemonde.fr/politique/article/2014/05/15/arnaud-montebourg-le-decret-sur-les-entreprises-c-est-du-laisser-faire_4419368_823448.html?xtmc=alstom&xtcr=9| url-status = live}}</ref>|group="note"}}), nicknamed "''décret Alstom''", extending to power of the state to veto the takeover of "strategic interests" into areas of energy supply, water, transport, telecoms and public health.<ref name=bs15 /><ref name="r15may" /> Both the French employer organisation [[MEDEF]] and the [[European Commissioner for Internal Market and Services]] ([[Michel Barnier]]) responded negatively to the decree.<ref name=bs15>{{citation| url = http://www.boursier.com/actualites/economie/decret-alstom-une-mauvaise-idee-pour-gattaz-la-commission-europeenne-attentive-23966.html| title = Décret Alstom : une "mauvaise idée" pour Gattaz, la Commission européenne attentive| date = 15 May 2014| work = www.boursier.com| language = fr| access-date = 16 May 2014| archive-date = 17 May 2014| archive-url = https://web.archive.org/web/20140517125302/http://www.boursier.com/actualites/economie/decret-alstom-une-mauvaise-idee-pour-gattaz-la-commission-europeenne-attentive-23966.html| url-status = live}}</ref><ref name="r15may">{{citation| url = https://www.reuters.com/article/france-takeovers-idUKL1N0O02AC20140515| title = France grabs for power over Alstom future with new takeover law (update 5)| date = 15 May 2014| work = www.reuters.com| access-date = 5 July 2021| archive-date = 23 October 2021| archive-url = https://web.archive.org/web/20211023184240/https://www.reuters.com/article/france-takeovers-idUKL1N0O02AC20140515| url-status = live}}</ref>

On 16 June, Siemens and [[Mitsubishi Heavy Industries]] (MHI) submitted a competing offer for Siemens to acquire Alstom's gas turbine activities for €3.9 billion while MHI would form joint ventures with Alstom, acquiring 40%, 20% and 20% stakes in Alstom's steam and nuclear, electrical grid, and [[hydroelectric]] businesses respectively, for €3.1&nbsp;billion. The proposal included an offer to buy a further 10% stake from shareholder [[Bouygues]] and an option to form a rail transport joint venture.<ref>{{citation| url=https://www.bbc.co.uk/news/business-27869762| title=Siemens and Mitsubishi launch Alstom gas bid| date=16 June 2014| work=BBC News| access-date=21 June 2018| archive-date=30 November 2018| archive-url=https://web.archive.org/web/20181130233732/https://www.bbc.co.uk/news/business-27869762| url-status=live}}</ref> On 19 June, GE revised its bid, matching the same price with a lower cash transaction value; it also proposed forming a joint venture of their renewable, electric grid, steam turbine and nuclear power businesses. GE announced a memorandum of understanding between the two firms in the rail sector and the sale of GE's rail signalling unit to Alstom.<ref>{{citation| url = https://www.bloomberg.com/news/2014-06-19/ge-offers-rail-signaling-to-alstom-to-win-deal-backing.html| title = GE reshapes Alstom offer to appease France| first1 = Natalie| last1 = Huet| first2 = Benjamin| last2 = Mallet| date = 19 June 2014| work = www.bloomberg.com| access-date = 5 March 2017| archive-date = 29 July 2014| archive-url = https://web.archive.org/web/20140729220208/http://www.bloomberg.com/news/2014-06-19/ge-offers-rail-signaling-to-alstom-to-win-deal-backing.html| url-status = live}}</ref> On 20 June, Siemens and MHI modified their bid, with MHI increasing its stake in Alstom's steam, hydro, and grid businesses to 40% in all three (total €3.9&nbsp;billion) while Siemens increased its offer by €400&nbsp;million to €4.3&nbsp;billion.<ref>{{citation|url = http://www.siemens.com/press/pool/de/pressemitteilungen/2014/corporate/AXX20140650e.pdf|title = Mitsubishi Heavy Industries and Siemens specify proposal to Alstom|date = 20 June 2014|type = press release|publisher = Siemens / Mitsubishi Heavy Industries|access-date = 20 June 2014|archive-date = 13 July 2014|archive-url = https://web.archive.org/web/20140713134014/http://www.siemens.com/press/pool/de/pressemitteilungen/2014/corporate/AXX20140650e.pdf|url-status = live}}</ref> Subsequently, Economy minister [[Arnaud Montebourg]] stated he would block both bids, but the French government backed GE's offer and had given GE more specifications on commitments and guarantees; it also intended to buy two-thirds of Bouygues' shareholding (20%).<ref>Sources:
* {{citation| url = https://www.bbc.co.uk/news/business-27947089| title = Alstom: GE and French state agree to work on new offer| date = 20 June 2014| work = BBC News| access-date = 21 June 2018| archive-date = 23 September 2018| archive-url = https://web.archive.org/web/20180923034728/https://www.bbc.co.uk/news/business-27947089| url-status = live}}
* {{citation| url = http://www.ft.com/cms/s/0/735fd716-f893-11e3-815f-00144feabdc0.html| title = French government backs GE-Alstom deal| first1 = Hugh| last1 = Carnegy| first2 = Michael| last2 = Stothard| work = www.ft.com| date = 20 June 2014| access-date = 20 June 2014| archive-date = 22 June 2014| archive-url = https://web.archive.org/web/20140622135333/http://www.ft.com/cms/s/0/735fd716-f893-11e3-815f-00144feabdc0.html| url-status = live}}
* {{citation| url = http://www.lesechos.fr/industrie-services/industrie-lourde/0203582879208-alstom-letat-choisit-ge-et-prend-20-du-capital-du-groupe-1015488.php| language = fr| date = 20 June 2014| title = Alstom : l'État retient General Electric| work = www.lesechos.fr| access-date = 20 June 2014| archive-date = 21 June 2014| archive-url = https://web.archive.org/web/20140621034609/http://www.lesechos.fr/industrie-services/industrie-lourde/0203582879208-alstom-letat-choisit-ge-et-prend-20-du-capital-du-groupe-1015488.php| url-status = live}}
* {{citation| url = http://www.lemonde.fr/economie/article/2014/06/20/le-gouvernement-devient-le-principal-actionnaire-d-alstom_4442475_3234.html| title = L'État devient le principal actionnaire d'Alstom| language = fr| date = 20 June 2014| work = www.lemonde.fr| access-date = 20 June 2014| archive-date = 21 June 2014| archive-url = https://web.archive.org/web/20140621114521/http://www.lemonde.fr/economie/article/2014/06/20/le-gouvernement-devient-le-principal-actionnaire-d-alstom_4442475_3234.html| url-status = live}}</ref> The next day, Alstom's board backed GE's revised bid.<ref>{{citation|url= http://www.ft.com/cms/s/0/735fd716-f893-11e3-815f-00144feabdc0.html|title= Alstom board unanimously approves revised GE bid|first1= Hugh|last1= Carnegy|first2= Michael|last2= Stothard|first3= Ed|last3= Crooks|date= 21 June 2014|work= www.ft.com|access-date= 20 June 2014|archive-date= 22 June 2014|archive-url= https://web.archive.org/web/20140622135333/http://www.ft.com/cms/s/0/735fd716-f893-11e3-815f-00144feabdc0.html|url-status= live}}</ref><ref>{{citation| url = https://www.reuters.com/article/alstom-offer-hollande-idUSL6N0P20FR20140621| title = Alstom backs GE bid as Bouygues stake deal takes shape (UPDATE 4)| first1 = Gilles| last1 = Guillaume| first2 = Elizabeth| last2 = Pineau| date = 21 June 2014| work = www.reuters.com| access-date = 5 July 2021| archive-date = 17 May 2021| archive-url = https://web.archive.org/web/20210517141215/https://www.reuters.com/article/alstom-offer-hollande-idUSL6N0P20FR20140621| url-status = live}}</ref> On 22 June, the French state agreed terms with Bouygues, buying a 20% stake in Alstom from Bouygues at a 2–5% discount on a minimum value of ≈€35 per share.{{refn|The 20% shareholding gave the state two seats on the board. The share purchase deal was for 20 months, after which the state was entitled to a 15% share at a similar markdown on the actual market price.<ref name="sh2" />|group="note"}}<ref name="sh2">{{citation| url = https://www.reuters.com/article/us-alstom-ge-deal-idUSKBN0EY1E320140623| title = France secures Alstom stake option ahead of GE tie-up| first1 = Benjamin| last1 = Mallet| first2 = Laurence| last2 = Frost| work = www.reuters.com| date = 23 June 2014| access-date = 5 July 2021| archive-date = 17 May 2021| archive-url = https://web.archive.org/web/20210517054939/https://www.reuters.com/article/us-alstom-ge-deal-idUSKBN0EY1E320140623| url-status = live}}</ref><ref>{{citation| url = https://www.reuters.com/article/us-alstom-ge-deal-option-idUSKBN0EX0YC20140622| title = France secures option to buy Alstom stake from Bouygues| date = 22 June 2014| work = www.reuters.com| access-date = 5 July 2021| archive-date = 18 May 2021| archive-url = https://web.archive.org/web/20210518154800/https://www.reuters.com/article/us-alstom-ge-deal-option-idUSKBN0EX0YC20140622| url-status = live}}</ref><ref>{{citation| url = https://www.wsj.com/articles/france-clears-way-for-ge-alstom-deal-1403465505| title = France Lifts Hurdle to GE-Alstom Deal| date = 22 June 2014| first1 = Inti| last1 = Landauro| first2 = Stacy| last2 = Meichtry| work = online.wsj.com| access-date = 13 March 2017| archive-date = 18 January 2021| archive-url = https://web.archive.org/web/20210118174052/https://www.wsj.com/articles/france-clears-way-for-ge-alstom-deal-1403465505| url-status = live}}</ref>

Initially, the acquisition was expected to be finalised by early 2015.<ref name="sh2" /> In early 2015, the [[European Commissioner for Competition|EU Competition Commission]] began examining the deal.<ref>{{citation| url = https://www.reuters.com/article/alstom-ma-general-electric-eu-idUSL5N0VX3IY20150223| title = EU watchdog to examine GE's $14 bln Alstom deal more closely (UPDATE 2)| work = www.reuters.com| date = 23 February 2015| access-date = 5 July 2021| archive-date = 16 May 2021| archive-url = https://web.archive.org/web/20210516231915/https://www.reuters.com/article/alstom-ma-general-electric-eu-idUSL5N0VX3IY20150223| url-status = live}}</ref> Both EU and US competition regulators approved the deal by September 2015, subject to the divestiture of Alstom's large and very large gas turbine (GT26 and GT36 models) manufacturing and service business; and its GE7FA gas turbine aftermarket parts subsidiary business, ''Power Systems Mfg. LLC'' (PSM), to another company, [[Ansaldo Energia]].<ref>{{citation| url = https://www.bloomberg.com/news/articles/2015-09-08/ge-wins-eu-approval-for-alstom-deal-after-asset-sales-pledge-iebfcatb| title = GE Wins Approval for Alstom Deal After Asset-Sales Pledge | first = Gaspard| last = Sebag| date = 8 September 2015| work = www.bloomberg.com}}</ref><ref>{{citation| url =http://europa.eu/rapid/press-release_IP-15-5606_en.htm| title = Mergers: Commission clears GE's acquisition of Alstom's power generation and transmission assets, subject to conditions | date = 8 September 2015| work = europa.eu| type = press release}}</ref>

The sale of Alstom's energy division to GE was finalised on 2 November 2015; the final valuation being €12.4 billion, of which €9.7 billion was transferred to Alstom, the remainder being reinvested in GE/Alstom joint ventures plus other corrections. The acquired businesses were reorganised within GE's existing power generation business (''GE Power & Water'') as [[GE Power]]. The remainder of Alstom Group, including GE Signalling (acquired via a €700 million deal), refocused on rail transport.<ref name="nov2015">{{citation| url =http://www.alstom.com/press-centre/2015/11/alstom-refocused-on-rail-transport-with-strong-leadership-positions/| title = Alstom refocused on rail transport with strong leadership positions| date = 2 November 2015| work = www.alstom.com| type = press release}}</ref><ref>{{citation| title = Alstom Power Combine to Form GE's Largest Digital Industrial Business, GE Power| url = http://www.genewsroom.com/press-releases/ge-power-water-and-alstom-power-combine-form-ge%27s-largest-digital-industrial-busine-0| type = press release| work = www.genewsroom.com| date = 2 November 2015| access-date = 2 November 2015}}{{Dead link|date=September 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{citation| url = http://www.genewsroom.com/press-releases/ge-completes-acquisition-alstom-power-and-grid-businesses-282159| title = GE COMPLETES ACQUISITION OF ALSTOM POWER AND GRID BUSINESSES| type = press release| work = www.genewsroom.com| date = 2 November 2015| access-date = 2 November 2015| archive-date = 6 November 2015| archive-url = https://web.archive.org/web/20151106180516/http://www.genewsroom.com/press-releases/ge-completes-acquisition-alstom-power-and-grid-businesses-282159| url-status = live}}</ref> Due to the acquisition, GE accrued $17.3bn of goodwill, consisting of Alstom's negative book value of $7.2bn at the time of acquisition and the $10.1bn purchase price. In October 2018, GE wrote-off $23bn from the value of its power industry division, largely attributed to the Alstom purchase.<ref>{{Cite news|url=https://www.railwaypro.com/wp/the-acquisition-of-ges-signalling-consolidates-alstoms-worldwide-position/|title=The acquisition of GE's signalling consolidates Alstom's worldwide position|newspaper=Railway PRO|date=2 November 2015|access-date=1 March 2022|archive-date=18 April 2022|archive-url=https://web.archive.org/web/20220418030228/https://www.railwaypro.com/wp/the-acquisition-of-ges-signalling-consolidates-alstoms-worldwide-position/|url-status=live}}</ref>