Siemens Expresses Interest in Alstom’s Power Units

Siemens, a German energy giant, has expressed its intent about Alstom takeover negotiations.

The company released a statement yesterday, saying it had “submitted a letter to the Board of Alstom to signal its willingness to discuss future strategic opportunities.“

This follows the last-week’s news that GE is planning to buy the French company.

GE CEO Jeffrey Immelt’s meeting with French Economy Minister Arnaud Montebourg was postponed for today, when the Minister and President Francois Hollande will also meet with the Siemens’ representatives.

Mr. Montebourg said: “Given the strategic issues for French industry and the economy, the government will not accept any hasty decisions.”

While the GE is prepared to cash out around EUR 10 billion for this deal, Friday’s Le Figaro newspaper reported that Siemens was considering an asset swap with Alstom, where they would acquire Alstom’s power businesses, and in return give its high-speed train and locomotive units with a significant amount of cash.

Offshore WIND staff, April 28, 2014; Image: Alstom