
Japan's Toshiba has dropped plans to buy Alstom's power grid business from General Electric, a report said on Tuesday, because the US giant is to set up a joint venture with the French conglomerate.
Toshiba had unofficially approached GE with a proposal to buy the power grid operation if it succeeded in acquiring Alstom's energy business, the Nikkei economic daily said.
But the Japanese company scrapped the idea because GE's deal with Alstom means they will set up a 50-50 joint venture on the power grid business rather than purchasing it outright, the paper said.
Toshiba sees the prospect of "getting hold of a majority interest in management having become difficult," the paper quoted "a top official" of the company as saying.
Toshiba plans to expand its overseas presence via an alliance with GE in fossil-fuel power generation, the Nikkei said.
French power-to-rail group Alstom at the weekend chose GE's 12.35 billion euro ($16.8 billion) bid to acquire its energy business, over a rival bid by Germany's Siemens and Japan's Mitsubishi Heavy Industries.
GE has offered a French government veto over sensitive nuclear energy technology while proposing creating joint ventures in the power grid and renewables sector, as well as the steam turbines for nuclear power stations.
A company spokesman said Tuesday that Toshiba had no further comment on the matter.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leap

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor