MHI, Siemens join forces for evaluating Alstom’s potential proposal

12 June 2014 (Last Updated June 12th, 2014 18:30)

Mitsubishi Heavy Industries (MHI) and Siemens have partnered to assess a potential proposal for Alstom’s certain assets, aimed to strengthen the future position of Alstom, MHI and Siemens.

Mitsubishi Heavy Industries (MHI) and Siemens have partnered to assess a potential proposal for Alstom's certain assets, aimed to strengthen the future position of Alstom, MHI and Siemens.

By 16 June 2014, MHI and Siemens will decide on the proposal submission to the French multinational conglomerate, Alstom's board of directors.

MHI and Siemens will jointly bid for Alstom's gas and steam turbine operations for YEN1tn ($9.8bn), Nikkei Asian Review reported.

Mitsubishi Heavy Industries president and CEO Shunishi Miyanaga said, "MHI has been invited by Siemens to join forces and we firmly believe that we can substantially contribute to a partnership solution for Alstom, which will create value for all parties involved, including the country of France."

"We firmly believe that we can substantially contribute to a partnership solution for Alstom."

Siemens president and CEO Joe Kaeser said, "I appreciate MHI's commitment to join our efforts and I do look forward to working together with MHI to create a long-term oriented solution for Alstom, MHI and Siemens."

Meanwhile, Japanese group Hitachi is planning to form a joint venture with MHI to acquire the steam turbine segment from Alstom for 500 billion yen ($4.90bn).

Japan-based MHI is a heavy machinery manufacturer and provide products and services in four business domains, including energy and environment, commercial aviation and transportation systems, integrated defence and space systems and machinery, equipment and infrastructure.

Siemens is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare.

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