Hitachi Joins Alstom Bid

Another Japanese engineering company, Hitachi, has expressed its interest in joining Siemens in a bid for the French company Alstom.

Earlier this week Mitsubishi Heavy Industries announced that it had joined Siemens in evaluating a potential proposal for certain assets of the French multinational conglomerate.

According to Nikkei news site, Hitachi confirmed that it was in talks with MHI to set up a joint venture, “although the talks have not reached a stage where we can make a formal announcement.”

The joint venture, where MHI will own 65% and Hitachi the remaining 35%, would offer to acquire Alstom’s steam turbine segment for EUR 3.6 billion.

The three companies have until Monday to submit their bid as they would be competing against American General Electric, which offered EUR 12.35 billion earlier in April for Alstom’s power arm.

Offshore WIND staff, June 16, 2014; Image: flickr