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French ministers met on Thursday to discuss the fate of cash-strapped engineering group Alstom as Siemens and Mitsubishi Heavy Industries hatched a plan to beat an offer by U.S. conglomerate General Electric. The German and Japanese groups said on Wednesday they were discussing a joint offer for Alstom’s energy assets that would compete with GE’s $17 billion proposal and, according to the Nikkei newspaper, would be worth around $9.8 billion. Two sources familiar with the Siemens-Mitsubishi plan said it would not be a direct buyout of Alstom’s power assets but would rather set up one or several joint holdings in power.

“Siemens, Mitsubishi Hatch Alstom Plan As French Ministers Meet” is categorized as “business”. This video was licensed from Grab Networks. For additional video content, click the “video” tab at the top of this page.

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