Mitsubishi joins Siemens in Alstom bid

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

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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