GE Offer for Alstom Is Not Acceptable, Hollande Says

General Electric Co.’s $17 billion offer for Alstom SA’s energy business is not good enough, and needs to “be improved on jobs,” French President Francois Hollande said.

Hollande, under pressure to protect jobs amid record-high unemployment, became the third French official in less than 24 hours to publicly object to GE’s proposal. GE, which could face competition for Alstom from Germany’s Siemens AG, has said its offer would lead to a net increase in its French workforce.