Peter Gumbel, Columnist

France's Misplaced 'Economic Patriotism'

In the reaction to General Electric's play for Alstom SA, it's hard to tell which is stronger: the French government's concern about the deal or its anger that it didn't know about the talks first.

April 30, 2014 at 3:46 PM UTC

By Peter Gumbel

Peter Gumbel, a Paris-based journalist, is the author, most recently, of “France’s Got Talent: The Woeful Consequences of French Elitism.”

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In the turbulent reaction to news that General Electric Co. is seeking to acquire the energy division of France's Alstom SA, it's hard to tell which is stronger: the French government's concern about the deal or its anger that it didn't know about the talks between the two companies in the first place.

"We do not believe that creating a fait accompli by publicly announcing a transaction prior to having entertained any discussion with the relevant authorities would be a wise course of action," Economics Minister Arnaud Montebourg wrote in a letter to GE's chief executive officer, Jeffrey Immelt. Montebourg followed up by telling French radio that "we won't let Alstom sell this national jewel behind the back of its shareholders, its employees and the French government."