Siemens, Mitsubishi Present Alstom 7 bln-euro Offer
    2014-06-17 01:37:10     Xinhua      Web Editor: Fei
The German engineering giant Siemens will submit together with Japanese company Mitsubishi Heavy Industries (MHI) an offer to the French company Alstom that includes 7 billion euros (9.7 billion dollars) in cash, Siemens said in a statement on Monday here.

The German engineering giant Siemens will submit together with Japanese company Mitsubishi Heavy Industries (MHI) an offer to the French company Alstom that includes 7 billion euros (9.7 billion dollars) in cash, Siemens said in a statement on Monday here.

Siemens plans to take over Alstom's gas turbine business completely including the related service contracts, and pay 3.9 billion euros in cash, the Munich-based company said.

MHI will participate with 40 percent of the steam turbine division, with 20 percent of the network technology section and with 20 percent of the hydropower section of Alstom, and it will pay 3.1 billion euros.

In addition, MHI plans to participate with up to 10 percent of Alstom's group level as a shareholder, the Bavarian Radio reported.

"The offer is an attractive constellation, which is worth considering. The Administrative Board of Alstom will also do it in the interest of all shareholders," Siemens CEO Joe Kaeser said.

Siemens said the alliance will enable the creation of more than 1,000 jobs in France.

The joint offer came ahead of a June 23 cut-off date set by the U.S. rival General Electric's 12.4 billion-euro (17 billion U.S. dollars) bid for Alstom's energy business.

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