NEW YORK (TheStreet) --General Electric Co. (GE) sent Steve Bolze, the President and CEO of GE Power & Water, to Paris on Friday in an attempt to save the company's $17 billion deal with Alstom SA, to buy its energy business.
The French economy minister, Arnaud Montebourg, said the government would intervene in the deal if it felt the American company was in some way going to take away France's "symbol of industrial freedom."
With the government's threat to block the deal and its support of Siemens AG (SI), a German electronics and engineering company, that also expressed interest in Alstom, GE felt pressured to adjust its deal and make it more appealing to the French, NASDAQ.com reports.
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In a letter sent to French President Francois Hollande, GE said it would be willing to make compromises regarding Alstom's nuclear technology in order to calm the country's concern it will lose control over the industry which gives France a significant amount of its electricity, according to NASDAQ.
Shares of GE are down -0.30% to $26.51 on Friday.
TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."