Siemens And Mitsubishi Finalize Alstom Offer
Germany’s Siemens and Japan’s Mitsubishi Heavy Industries are putting the finishing touches on a joint offer for Alstom’s turbine businesses that includes a cash element of roughly 9 billion euros. Under the complex offer, Siemens would acquire the gas turbines business of Alstom while Mitsubishi would inject cash and industrial assets into a joint venture in steam turbines. Alstom would keep control of its energy transmission and renewables activities, which would not be part of the Siemens-Mitsubishi bid. In a second step that one source described as “completely independent” of the turbines deal, Siemens and Alstom would combine their rail activities.
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