France, Levallois-Perret: Siemens and Mitsubishi Heavy Industries (MHI) raised their offer for Alstom's energy businesses to compete with a revised bid by U.S. rival General Electric.
Under the new offer, Siemens and MHI would pay $ 11.2 billion in cash and value Alstom's power businesses at $ 19.9 billion, well above GE's 12.4 billion. The proposal still foresees Siemens buying Alstom's gas turbine business, reports Reuters. MHI is offering to buy a 40 % stake in the combined steam, grid and hydro business of Alstom.
Siemens's contribution rises to $ 5.9 billion with the increase based on "a subsequent, more advanced opportunity/risk analyses".
"MHI and Siemens continue to firmly believe that their proposal is the best one for Alstom, its employees, its clients, its shareholders and French national interests. Such proposal is superior industrially, financially and socially." Siemens and MHI said in a statement.