28 Apr '14, 3pm

Siemens Proposes Technology Swap Deal with Alstom to Rival GE's Offer

To defend GE’s offer, Chief Executive Officer Jeffrey Immelt will meet French President Francois Hollande and Industry Minister Arnaud Montebourg today. Alstom, whose board met yesterday to examine both offers, said it’s continuing to review its options and will make an announcement no later than the morning of April 30. A deal between Siemens and Alstom would create two leading European entities in the energy and train industries and help to address concerns by the French government regarding potential job cuts with GE’s proposal. A tie-up of Alstom with GE is likely to have fewer workforce and product overlaps than the German offer and face less opposition from European regulators. Alstom’s management is currently leaning toward the GE offer, which would see the U.S. company buying its energy assets, representing more than 70 percent of sales, the people said. The French...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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