Siemens, Mitsubishi finalizing joint bid for Alstom’s energy assets

Siemens, Mitsubishi finalizing joint bid for Alstom’s energy assets

German engineering giant Siemens AG and Japan's Mitsubishi Heavy Industries Ltd. are reportedly finalizing an offer for stake in the power-generation business of France's Alstom SA.

A report published by the German daily Frankfurter Allgemeine Zeitung also said that Mitsubishi agreed to sweeten its part of the bid, with an offer to capture a 10 per cent stake in Alstom.

Citing anonymous sources, the report said that Mitsubishi aims to acquire as much as 10 per cent of Alstom from Bouygues SA, which owns a 29.3 per cent stake in the company. Another portion of the Bouygues stake will likely be purchased by French public investment bank BPI France.

The two potential buyers' proposed joint bid calls reportedly for Siemens to relocate its rail-technology operations to Alstom. The two companies would give job guarantees in France and Germany for at least three years after the conclusion of the deal.

The sources added that talks continued late Sunday, and a final structure of the potential deal was not reached yet.

The reported bid by the German and Japanese companies could derail an earlier bid from U. S.-based General Electric (GE), which offered $17 billion for Alstom's energy assets and the French company has already tentatively approved the bid. GE has now set June 23 as a deadline for the French conglomerate to approve its offer formally.

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