Siemens Can Dream of Asset Swap, Says Alstom CEO

Speaking at the Exane BNP Paribas’ investor conference, Alstom CEO Patrick Kron said that Siemens is “allowed to dream” in its intent to swap its transport business for Alstom’s gas activities, reports Reuters.

Germany’s Siemens, alongside Mitsubishi Heavy Industries, Ltd (MHI) submitted a EUR 7 billion offer to Alstom where MHI would acquire their power division excluding wind business.

Kron added: “At the end of the day, despite some impressions to the contrary, it will be the shareholders who decide.”

Alstom’s board has until Monday to make a decision between Siemens-MHI’s bid and GE’s EUR 12.4 billion bid for all the French company’s energy divisions.

Sources close to the matter said GE is expected to submit an improved offer later today in order to get the government’s approval, which recently gave itself the right to veto any deal in order to protect jobs.