Hollande says he is not opposed to GE bid for Alstom

Parisian support for Siemens has come as a surprise to many commentators because the previous French government handed Alstom a €4.4bn bailout in 2004 in order to prevent the company from falling into German hands.

However, Siemens has been accepted as the lesser of two evils by Mr Montebourg. “We won’t let Alstom sell this national champion behind the back of its shareholders, its employees and the French government,” he wrote on his official Twitter account before meetings with Siemens and GE bosses started.

Mr Montebourg also accused Alstom’s CEO Patrick Kron of “a breach of national ethics”.

Both Siemens and GE are attempting to alleviate fears that a deal could mean a significant culling of Alstom’s 18,000 strong workforce in France.

GE’s chief executive emerged from meeting the French President yesterday saying “The dialogue was open, friendly and productive.” GE is understood to have offered some remedies to alleviate concerns on jobs but it is thought that there will likely be some time before a clean deal can be announced.

Mr Hollande is also talking to Siemen’s Kaeser and later Martin Bouygues, the billionaire chairman of Bouygues Industries, which bought the government’s 29.4pc stake in the 175-year old company.

GE is more advanced on its takeover proposal for the company, however it is thought that the French government may stall talks to allow Siemens to perform sufficient due diligence to make a suitable rival offer.

Alstom’s shares will remain suspended until Wednesday an Alstom spokesperson said.

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