Siemens board backs management in Alstom approach - paper
FRANKFURT, April 29
FRANKFURT, April 29 (Reuters) - The supervisory board of Siemens has backed management in considering an offer for French peer Alstom, German newspaper Handelsblatt reported, citing company sources.
It said no decision has been made yet to make a formal offer, adding that Siemens wants to do due diligence before making such a move.
Siemens over the weekend approached Alstom with a proposal to exchange part of its train business plus cash for Alstom's power arm to counter a potential deal between Alstom and top rival General Electric. (Reporting by Maria Sheahan; Additional reporting by Irene Preisinger; Editing by Madeline Chambers)