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Siemens and Mitsubishi sweeten bid to buy Alstom

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Siemens and Mitsubishi sweeten bid to buy Alstom
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Siemens and Mitsubishi Heavy Industries have increased their offer to purchase the energy arm of France’s Alstom.

They have raised the amount of cash on the table from 1.2bn euros to 8.2bn euros.

General Electric has already offered 17 billion US dollars for Alstom.

Alstom is considered a key French industry and the government has the right to veto any foreign takeover.

All those interested in Alstom have held meetings with French President Francois Hollande who is concerned about the break up of the company and job losses.

The French group reaffirmed that its board would meet no later than Monday to review the offers.