German conglomerate Siemens has requested more information from Alstom as part of due diligence prior to making an offer for the company.
Yesterday, French Economy Minister Arnaud Montebourg said to a parliamentary economic affairs committee that: “Siemens is pursuing its work and has written to Alstom this morning asking for more information and a deeper understanding of Alstom, obviously with the aim to most certainly draw up a proposal,” reported Reuters.
Last month, Siemens wrote to French Alstom to express its interest in discussing future strategic opportunities.
The letter followed the EUR 12.4 billion bid from General Electric for Alstom’s energy unit, which is due for review by the 2nd of June.
Siemens is expected to make an official offer as late as this week, according to which it will propose a swap of its rail business with some cash for Alstom’s energy business.
In order to get the French government’s approval, Siemens might offer Alstom’s wind and nuclear business to the country’s energy group Areva.