Mitsubishi and Siemens explain bid for Alstom
Mitsubishi Heavy Industries (MHI) and Siemens AG yesterday announced that they have provided a proposal to acquire certain assets of French multinational conglomerate, Alstom.
MHI intends to acquire 40 % of Alstom's Steam and Nuclear business to form a joint venture with Alstom. MHI also intends to hold 20 % of Alstom's Grid business and 20 % of its Hydro business. MHI would enter the grid business and intends to contribute to its global expansion, including Japan. As a result of these transactions, MHI injects into Alstom €3.1billion in cash.
MHI also contemplates becoming a shareholder of Alstom through an acquisition of Alstom shares from Bouygues.
Siemens intends to acquire 100 % of Alstom's gas business including related service contracts for €3.9 billion in cash. Siemens intends to offer a job guarantee for the transferred gas business employees for three years in France and Germany after closing of the transaction.
After closing of the MHI and Siemens transaction, Siemens intends to discuss solutions to create a strong European Champion with global reach and sustainable business strategies going forward in the fields of Mobility.
The companies report in a press release:
Pursuant to this, MHI and Siemens propose several transactions in order to preserve Alstom's current perimeter in almost all its activities, enhance its industrial sustainability, strengthen its position as a diversified global player in energy and transport, and strengthen its financial structure, while remaining a major French listed group. The proposal is also very beneficial for Alstom employees. Furthemore it will foster job creation in France.
In 13 June 2013 we published that Mitsubishi Heavy Industries (MHI) and Siemens AG announced that they have joined forces in evaluating a potential proposal for certain energy assets of the French multinational conglomerate Alstom.
General Electric has already made a US$16.9 billion bid for Alstom's energy business accepted by the French company's board. However, Parisian political stopped the transaction and opened the door for Siemens to make a rival offer. Both Siemens and GE have been trying to get the backing of the French government which is seeking to extract the best guarantees from any bidder for jobs and the country's energy independence.
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