Not to be outdone by GE's newly revised bid for Alstom's energy assets, Siemens and Mitsubishi Heavy Industries (MHI) have upped their joint proposal to the French conglomerate. Furthermore, Alstom says its board of directors will meet no later than the June 23 deadline to make a decision on GE's offer.
Under their revamped proposal, Siemens and MHI are increasing the cash contribution by $1.63 billion, raising it to about $11.1 billion, and have boosted the total valuation of Alstom's energy business by approximately $500 million to $19.8 billion.
MHI now intends to buy a 40% stake in the combined steam, grid and hydro business of Alstom and do so through one single holding company, as opposed to three joint ventures as contemplated in the original proposal.
Earlier this week, Siemens said it intends to acquire 100% of Alstom's gas business, including related service contracts. A Siemens spokesperson also verified for NAW that the joint bid does include Alstom's wind energy business; however, the spokesperson did not provide further details.