Siemens keen for talks with Alstom
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ALSTOM’S arch rival Siemens wants talks with the struggling French engineering group, the German company said yesterday, the day General Electric boss Jeff Immelt was due in Paris to thrash out a deal to buy Alstom’s global power arm.
Siemens said in a statement it had written a letter to “signal its willingness to discuss future strategic opportunities” with the French group.
France’s government has said it wants to find alternatives to the GE offer, which sources say puts a value of US$13 billion on the turbine and power grid equipment business and could be announced in days.
Economy Minister Arnaud Montebourg said last week that he plans a meeting with Immelt. A spokeswoman for Alstom, also a maker of railway rolling stock, had no comment and could not confirm receipt of the letter.
Sources close to the French government on Saturday flagged a likely meeting between Montebourg and Immelt yesterday. They said Prime Minister Manuel Valls might also meet the CEO, head of one of the world’s 10 largest investor-controlled companies, should the more senior politician return from a visit to Rome in time. GE had no comment late on Saturday.
French media said last week a decisive Alstom board meeting, the second since Friday, was due to also take place yesterday.
Montebourg has been a strong exponent of France’s traditionally cautious approach to foreign takeovers of companies in flagship industries.
Last week he said he would protect the national interest and study “other solutions and scenarios” for Alstom, also the maker of TGV high-speed trains and one of France’s top private-sector firms, which is struggling with heavy debt and weak demand.
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