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Mitsubishi Heavy to Consider New M&A Targets After Alstom Bid

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July 1 (Bloomberg) -- Mitsubishi Heavy Industries Ltd., the Japanese equipment maker, said it may pursue new acquisition targets to expand overseas after failing in its joint bid for Alstom SA’s power business.

The company, which sought to buy stakes in Alstom’s energy businesses in a joint offer with Siemens AG last month, is considering purchases to boost its presence abroad, Kazuaki Kimura, head of Mitsubishi Heavy’s industrial machinery division, said in an interview in Tokyo yesterday.

“We won’t exclude anything that will allow us to grow, whether it’s joint ventures or other possibilities,” Kimura said. “In terms of expanding businesses globally, M&A is a possibility. We have a base in China and Southeast Asia, and so one of the areas we are looking at for growth is the U.S. and Europe.”

Mitsubishi Heavy’s sales within Japan made up about 51 percent of its 3.35 trillion yen ($33 billion) of revenue in the year ended March 31, compared with 55 percent a year earlier, according to figures from the Tokyo-based company. Mitsubishi Heavy is building a factory in Texas to build and service compressors, used in the processing of shale gas and oil, set to open later this year.

To contact the reporters on this story: Chris Cooper in Tokyo at ccooper1@bloomberg.net; Kiyotaka Matsuda in Tokyo at kmatsuda@bloomberg.net

To contact the editors responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net Terje Langeland, Iain Wilson

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