Bloomberg is reporting German conglomerate Siemens has approached Mitsubishi Heavy, a unit of Japan’s Mitsubishi, about coming on as a partner in its bid for French firm Alstom’s energy business.
That business was initially sought after by GE. But a minor rebellion in the French government scuttled GE’s overtures, allowing Siemens to come in as a rival that some in France find more favourable, since it would keep control of Alstom on the continent.
But GE is still very much in the running.
“French Industry Minister Arnaud Montebourg had initially said he would favour a proposal by Siemens,” Bloomberg’s Jacqueline Simmons, Aaron Kirchfeld and Alex Webb report. “He has since acknowledged that GE’s offer is much improved after the U.S. company promised to create 1,000 French jobs. Siemens has meanwhile promised to guarantee French jobs for three years from completion of any deal.”