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Siemens joins Mitsubishi over possible bid for Alstom's energy business

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Siemens joins Mitsubishi over possible bid for Alstom's energy business

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German conglomerate Siemens has revealed it has teamed up with Japan’s Mitsubishi Heavy Industries over a possible bid for French firm Alstom’s energy business.

Siemens has been working on a counter-proposal to an offer from US-based General Electric, which would also include a swap of train making and rail signalling assets.

Bringing in the Japanese could boost the amount of money Siemens might offer and resolve any competition issues.

Siemens said along with Mitsubishi it will make a decision whether it submits a proposal to Alstom’s board of directors by June 16.

Siemens and GE are both trying to get the support of the French government which wants guarantees on jobs.

GE offered 12.35 billion euros for Alstom’s power arm in April, prompting Siemens to start work on a rival offer and the French government to pass a decree extending its powers to block deals in strategic industry sectors.

with Reuters