A PYMNTS Company

France: Siemens efforts for Alstom fall flat

 |  June 23, 2014

After announcing plans for a joint bid with Japan’s Mitsubishi Heavy Industries, reports say Germany’s Siemens has likely failed in its efforts to convince France that Alstom should be acquired by Siemens, not US-based General Electric.

Reports say Alstom’s Board of Directors has voted in favor of GE’s bid and has ignored Siemens’ and Mitsubishi’s offer. Alstom said in a press release that the company’s board “has unanimously decided to issue a positive recommendation of the offer from GE.”

GE had offered to acquire Alstom’s renewable and thermal power assets, as well as its grids, and other assets for nearly $17 billion. In an updated version of the deal, GE and Alstom would commence joint operation of the grid and renewable energy assets.

Siemens and Mitsubishi had looked to convince Alstom and the French government that its joint offer was superior to GE’s; Alstom said the deal was ultimately not in the company’s best interests.

GE’s acquisition of Alstom remains subject to regulatory clearance and a shareholder vote.

Full content: Business Standard

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.