(MENAFN) Alstom energy's shareholders approved the USD15.2 billion sale of assets to US group General Electric by which the French firm will focus on high speed trains, Arab News reported.
However, the sale that sees Alstom sell off about 70 percent of the company's assets, was approved by 99.187 percent of the votes, the Paris-based company said in a statement.
Meanwhile GE will hand its own train signaling business to the firm's high-speed rail operation, which makes France's famed TGV trains, and which will become the core business of Alstom.
"It is the best solution for the future of Alstom," CEO said at the meeting marked by sharp exchanges, saying the company had lost sufficient scale to compete in the energy sector.
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