France: Siemens’ joint Alstom bid tops GE offer

Siemens’ joint bid to acquire French turbine operator Alstom has now topped General Electric’s offer, according to reports.

Germany-based Siemens announced last week it was partnering with Japan’s Mitsubishi Heavy Industries to acquire Alstom’s energy operations. The joint offer reached $19.3 billion, ahead of GE’s $16.7 billion proposal. France is mulling the bids but Siemens hopes to prevail because it will only acquire Alstom’s energy assets, whereas GE is looking to acquire both energy and railway operations of the company.

Under terms of the deal, Siemens would acquire Alstom’s gas turbines and Mitsubishi and its partner Hitachi would purchase steam-turbine, power-grid and hydro operations; Mitsubishi is also seeking a 10 percent acquisition of Alstom, reports say. Siemens announced its increased offer in Paris on Tuesday.

Full content: Bloomberg

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