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Mitsubishi joins Siemens in Alstom bid

Japanese giant adds weight to German company's move for French firm.

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ALSTOM, General electric, MITSUBISHI, Siemens, News

Japanese engineering heavyweight Mitsubishi Heavy Industries (MHI) has teamed up with Siemens on its takeover bid for Alstom.

The pair has “joined forces in evaluating a potential proposal for certain assets of the French multinational conglomerate”, a statement said.

MHI and Siemens will decide on the submission of a proposal to Alstom's Board of Directors by June 16.

Shunishi Miyanaga, president and CEO of Mitsubishi Heavy Industries, said: "MHI has been invited by Siemens to join forces and we firmly believe that we can substantially contribute to a partnership solution for Alstom which will create value for all parties involved, including the country of France".

Joe Kaeser, President and CEO of Siemens: "I appreciate MHI's commitment to join our efforts and I do look forward to working together with MHI to create a long-term oriented solution for Alstom, MHI and Siemens".

Alstom has been at the center of a tug of war between Siemens and General Electric of the United States.

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