Siemens, GE In Race For Alstom

NAW Staff, Monday 28 April 2014 - 15:48:38

Less than a week after media reports surfaced claiming that GE was pursuing Alstom, fellow behemoth Siemens has joined the fray to acquire the France-based industrial provider.

On April 28, Siemens said a delegation would meet with French President Francois Hollande and other high-ranking French political leaders. The day before, Siemens said it submitted a letter to Alstom’s board of directors indicating a willingness to discuss future strategic opportunities.

Earlier on April 28, Hollande met with GE Chairman/CEO Jeffrey Immelt. According to a statement, Immelt said, "The dialogue was open, friendly and productive. It was important to hear in person President Hollande's perspective and to discuss our plans, our successful track record of investing in France and our long-term commitment to the country. We understand and value his perspective, and we are committed to work together.”

For its part, Siemens notes that it will quickly convene after the meeting  “to decide whether to make an offer for Alstom.”

Although stocks jumped in Paris following last week’s report, Alstom said in a statement, “In response to recent speculation in the economic press, Alstom is not informed of any potential public tender offer for the shares of the company.”

Alstom notes that it plans to communicate as scheduled on May 7 its annual results and “will use this opportunity to give an update on the prospects of its activities.”


this content item is from North American Windpower
( http://www.nawindpower.com/e107_plugins/content/content.php?content.12895 )