Siemens readies asset swap bid to keep France sweet on Alstom
SIEMENS is working on a formal asset-swap offer for Alstom’s power business that could come as early as this week and see France take a stake in a resulting rail-focused French group, sources close to the talks told Reuters yesterday.
Alstom is already in talks with US conglomerate General Electric over a €12.35bn (£10bn) bid for its power arm, which it is due to review by 2 June. However, under pressure from the French government, it has opened its books to Siemens so it can propose its own deal.
Sources on both sides of the talks said Siemens was actively working on an improved asset swap offer that would create two European “champions”: one in power around Siemens, one in transport around Alstom.
According to various sources, Paris has lately been considering taking a stake in Alstom in an effort to secure its French roots. All the firms declined to comment.