New Siemens-Mitsubishi Bid Could Upset GE’s Buyout of Alstom Assets

New Siemens-Mitsubishi Bid Could Upset GE’s Buyout of Alstom Assets

The battle for French manufacturing giant Alstom SA (EPA:ALO) (OTCMKTS:ALSMY)’s energy assets is heating up. Siemens AG (ADR) (OTCMKTS:SIEGY) released a statement today pointing out that its joint bid with Mitsubishi Heavy Industries, Ltd. (TYO:7011) for Alstom SA’s energy operations is clearly superior to an offer from General Electric Company (NYSE:GE), as both bidders jockey for the backing of the board and the French government.

The new Siemens-Mitsubishi offer places a value of 14.2 billion euros ($19.3 billion) on Alstom SA (EPA:ALO) (OTCMKTS:ALSMY)’s energy assets, which compares favorably with General Electric Company (NYSE:GE)’s 12.35 billion-euro valuation for those operations, Siemens reps emphasized in a presentation in Paris on Tuesday.

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Background on the GE – Alstom deal

General Electric Company (NYSE:GE) has been negotiating with Alstom since February, but the French government got wind of the negotiations a month or so ago, derailing the almost finalized deal. This new German-Japanese proposal o