Mitsubishi Heavy Industries (MHI) and Siemens AG today announced that they have joined forces in evaluating a potential proposal for certain assets of the French multinational conglomerate, Alstom in order to strengthen the future position of Alstom, MHI and Siemens.
Germany-based Siemens AG, which has long had its eye on acquiring Alstom’s energy business, has joined forces with Japan-based Mitsubishi Heavy Industries (MHI) to consider making a joint bid to the French conglomerate. By June 16, Siemens and MHI will decide whether to submit a proposal, one that would compete with a previous $17 billion bid to Alstom from U.S.-based GE.
MHI and Siemens will decide on the submission of a proposal to Alstom’s Board of Directors by June 16.
Shunishi Miyanaga, President and CEO of Mitsubishi Heavy Industries: “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”.
Joe Kaeser, President and CEO of Siemens: “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”.
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world’s leading heavy machinery manufacturers, with consolidated sales of 3,349.5 billion yen in fiscal 2013, the year ended March 31, 2014. MHI’s diverse lineup of products and services encompasses four business domains, “Energy & Environment”, “Commercial Aviation & Transportation Systems”, “Integrated Defense & Space Systems” and “Machinery, Equipment & Infrastructure.” For more information, please visit the MHI website below: http://www.mhi.co.jp/en/index.html
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is one of the world’s largest providers of environmental technologies. Around 43 percent of its total revenue stems from green products and solutions. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled €75.9 billion and income from continuing operations €4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: http://www.siemens.com.