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GE Strikes Alstom Deal to Become Largest in Its 122-Year History

Shares of General Electric dropped on Monday making it TheStreet's Move of the Day. The company known by many consumers for its light bulbs and appliances received approval from the French government to buy the energy assets of French engineering group Alstom for $17 billion, making it the biggest-ever acquisition by the more than 120-year-old U.S. company. Alstom's board of directors on Monday unanimously issued a positive recommendation for GE's offer, saying: "The Directors of Alstom expressed their satisfaction that the productive exchanges established with the French State had resulted in a business proposal that not only addresses the interests of Alstom and of its stakeholders, but also provides assurances in connection with concerns expressed by the French State."