France says GE offer for Alstom not good enough

PARIS - French President Francois Hollande says that an offer by General Electric Co. (GE) for French engineering company Alstom is not big enough and wants the U.S. company to come up with a better deal.

The $17 billion bid for Alstom's energy activities prompted resistance within the French government just as it is trying to revive industry.

Alstom says it's ready to accept GE's offer but bowed to government pressure to push for better conditions.

Hollande said on BFM television Tuesday that the bid is "not good enough today, it's not acceptable." He said that even though the decision is up to Alstom, the government is an Alstom client and "has enough means of pressure to end up with something that is good for Alstom, good for French industry."