Deals and IPOs

GE's Immelt: Alstom deal will increase earnings, bump up industrial mix

GE CEO confident Alstrom deal will go through

General Electric's proposed bid for French company Alstom's energy group would give the U.S. conglomerate the biggest presence in emerging markets among industrialized companies, CEO Jeff Immelt told CNBC on Wednesday.

The deal gives GE a $60 billion footprint in developing economies such as China and India, where the company would build and retrofit "supercritical" coal plants, Immelt added.

"Probably for the next decade, the most dominate technology around the world will be coal," Immelt said during an interview with CNBC's "Squawk on the Street," "It will just not be in the U.S. or Europe. We see a big service play here."

Hours after GE announced a $13.5 billion bid for Alstom's energy unit, Immelt told CNBC in an interview that he felt confident in his company's ability to get the deal done. The proposed transaction has drawn heightened scrutiny among French government officials.

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Asked whether GE would have to make concessions to appease French authorities in order to secure the deal, Immelt said: "I would say we've been doing a ton of business in France for a long time. It's a country we know pretty well."

Jeff Immelt, chairman and chief executive officer of General Electric Co.
Andrew Harrer | Bloomberg | Getty Images

Immelt added that the proposed deal will increase earnings and bump up the American conglomerate's industrial mix. He said prefers that industrial businesses make up 75 percent of his company, with the remaining quarter comprised of financial services.

"We have done a lot of deals in Europe," Immelt said. "We're pretty experienced in this kind of stuff. I think we have a good offer and I think it will be executed."

Before the interview, Alstom said it would consider GE's bid, and the news sent Alstom shares sharply higher, up 11 percent in early trading Wednesday.

The bid comes as German conglomerate Siemens has also declared interest in a deal with Alstom. Siemens has not yet made a formal offer.

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The French government has also entered the fray, with its prime minister telling news agencies that Alstom would discuss the deal with authorities before making a decision.

The proposed deal between Alstom and GE centers around the French company's thermal, renewable and grid sectors of its energy division. Alstom shares had been suspended on the Paris stock exchange since last week, before resuming trading Wednesday.

—By CNBC's Jeff Morganteen.