GE Wins French Support on Alstom With State Seeking 20%

General Electric Co. won France’s support to buy Alstom SA’s energy assets, beating Siemens AG and putting Chief Executive Officer Jeffrey Immelt a step closer to the company’s largest acquisition ever.

Siemens said it respects today’s decision by French leaders, who will back GE’s bid on condition that the government acquire a 20 percent stake in Alstom. GE declined to comment while it reviews the demands set forth today by Economy Minister Arnaud Montebourg, said Gary Sheffer, a company spokesman.