France

France

Siemens and MHI up Alstom bid

FRANCE: Siemens and Mitsubishi Heavy Industries (MHI) have upped their bid to take over Alstom's power business as the companies try to take the initiative from GE.

Alstom's wind division is excluded from the MHI Siemens bid
Alstom's wind division is excluded from the MHI Siemens bid

The new offer would raise the cash contribution made by the companies to EUR 8.2 billion, an increase of EUR 1.2 billion.

MHI also now intends to buy a 40% share in Alstom's combined steam, grid and hydro business rather than creating three separate joint ventures as proposed in the 16 June offer. The deal still leaves Alstom's wind business untouched.

This is in contrast to a renewed bid from GE that was put forward yesterday. Under this proposal, the US firm would create an offshore wind and hydro joint venture.

MHI and Siemens will have been moved to make these changes by the concessions made by GE in its new offer. The US manufacturer had previously been criticised by the French government for making an offer that would see control of the whole power business pass out of French hands, but it has now made major revisions.

MHI and Siemens said that the under their deal 1,000 new jobs would be created by MHI and an additional 1,000 apprenticeship training positions created in France by Siemens. This compares with 1,000 jobs promised by GE.

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