Siemens AG said its joint bid with Mitsubishi Heavy Industries Ltd. for Alstom SA’s energy operations trumps a competing offer from General Electric Co., as the German manufacturer tries to win the backing of the board and the French state.
Seven weeks after General Electric Co. offered to buy Alstom SA’s energy assets, its biggest rival Siemens AG bounced back with a bid intended to seduce the board -- and the French state -- with the added financial support of two of Japan’s largest industrial companies.
Siemens AG is preparing a bid for Alstom SA’s energy unit that would leave it with the French company’s gas turbines while allowing partners Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. to expand their steam turbines and hydro businesses, people familiar with the matter said.
Invensys Plc, the two-century-old company that makes software used to run the London Underground’s subway trains, stands to reap a gain of at least 32 percent for shareholders by putting itself up for sale.
General Electric Co. Chief Executive Officer Jeffrey Immelt said the U.S. company always has “room for acquisitions” and is eyeing candidates that could cost $3 billion each, Frankfurter Allgemeine Zeitung reported today, citing an interview.
General Electric Co.’s severance accord with retiring executive John Krenicki will keep him from competing with the company for three years. That may say more about his value than the $12.9 million in cash he will receive.