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Siemens, Mitsubishi improve Alstom offer
June 20, 2014 / 5:21 AM / 3 years ago

Siemens, Mitsubishi improve Alstom offer

FRANKFURT, June 20 (Reuters) - Siemens and Mitsubishi Heavy Industries (MHI) raised their offer for Alstom’s energy businesses to compete with a revised bid presented by U.S. rival General Electric.

Siemens and MHI said in a joint statement on Friday their amended offer raised the valuation of the businesses by 400 million euros ($545 million) to 14.6 billion and increased the cash element of the bid to 8.2 billion euros from 7 billion.

In addition, Siemens is offering to immediately enter into a joint venture for mobility management, including signalling, with Alstom.

The move comes after GE on Thursday revised its bid, offering alliances in energy and rail and sell its rail signalling unit to appease the French government and beat the Siemens-MHI proposal.

Alstom said in a statement on Friday its board of directors would convene no later than Monday, June 23, to review the reshaped offers.

$1 = 0.7336 Euros Reporting by Maria Sheahan; Editing by Ludwig Burger

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