Siemens Joins Mitsubishi to Pledge Guarantees for Alstom
This article is for subscribers only.
Siemens AG and Mitsubishi Heavy Industries Ltd. chief executives officers argued their case for a joint purchase of Alstom SA’s energy operations, saying their bid trumps an offer from General Electric Co. as they push to secure backing for their proposal from the French government.
Siemens CEO Joe Kaeser yesterday told lawmakers in France’s National Assembly that his bid would safeguard jobs and investments, three weeks after GE CEO Jeffrey Immelt pitched his offer to the same audience. The Siemens-Mitsubishi offer values Alstom’s energy assets at 14.2 billion euros ($19.3 billion), compared with GE’s 12.35 billion-euro valuation, Siemens said in a presentation in Paris.