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June 21, 2014 AT 4:24 AM
French president Francois Hollande said on Saturday the government expects to see rapid progress in talks on the purchase of an Alstom stake from Bouygues. Hollande was speaking a day after France backed a tie-up between Alstom and U.S. rival General Electric on condition the government acquires 20 percent of the company from Bouygues.GE CEO Jeffrey Immelt: (sound clip here) "This is a major condition for the government's acceptance of the alliance," Hollande told reporters in Paris. "That's why I believe we will make progress by the end of the day."