MUNICH, June 16 German engineering group Siemens
and Mitsubishi Heavy Industries are expected
to present their joint move on France's Alstom in
Paris on Monday, challenging a formal offer from General
According to sources close to the bidders, the German firm
would acquire Alstom's gas turbines business under the deal,
while the Japanese group would inject cash and industrial assets
into a joint venture in steam turbines.
The Siemens-Mitsubishi plan would not be a direct buyout of
Alstom's power assets but would rather set up one or several
joint holdings in power, sources have said.
Siemens Chief Executive Joe Kaeser is to present the joint
offer with Mitsubishi to Alstom's management on Monday afternoon
and outline details of the plan at France's parliament on
Tuesday, several people familiar with the matter said.
The offer comes ahead of a June 23 deadline set by GE for
its 12.4 billion euro ($16.9 billion) bid for all of Alstom's
energy arm, which includes its thermal power, renewable power
and grid businesses.
The rival approaches have prompted the French government to
press for jobs guarantees as it sees the group's transport and
energy activities, notably in nuclear power, as strategic at a
time when the country's unemployment rate is stuck at above 10
In a second step, separate to a turbines deal, Siemens is
also to propose combining its rail activities with Alstom's,
known for the high-speed TGV trains, sources have said. The
French government has actively lobbied for this, saying it would
create a European rail champion.
($1 = 0.7345 Euros)
(Reporting by Jens Hack, writing by Maria Sheahan, editing by