Mitsubishi-Siemens make bid for Alstom

Mitsubishi and Siemens have finally made a joint offer to France’s Alstom, worth a total of 7 billion euros cash.

The German engineering company, Siemens, is after Alstom’s gas turbines while Japan’s Mitsubishi wants stakes in the Alstom’s key assets.

The joint offer has to compete with General Electric’s bid which offered 12.4 billion euros for Alstom’s entire energy department, consisting of thermal power, renewable power and grid businesses.

As Alstom currently employs around 18,000 workers in France, the government is highly interested in protecting its assets and has put a great deal of efforts into negotiating better offers and alliances.