Alstom rescue plan delayed by partnerships clause

0 Comments | AFP, May, 2004

PARIS (AFP) — A rescue plan for engineering group Alstom, worked out by EU and French officials in Brussels at the beginning of the week, remained the subject of tough negotiations this weekend over the fine print on partnerships.

At issue are sensitive principles concerning the extent to which it is appropriate for an EU state to guide the structure of its national industry.

EU competition authorities want to write restrictive references into the deal but France wants a freer hand, and various sources told AFP that agreement was unlikely before Monday.

A source close to the matter told AFP that talks were continuing and that "the only sticking point is the fine print of the paragraph on future partnerships for Alstom".

France wants the reference to...