Siemens Chief Executive Joe Kaeser said Thursday his company is
still considering whether to make a bid for France's Alstom SA and
would make a decision by June 16, continuing the German company's
threat to play spoiler to a proposed $17 billion acquisition by
General Electric Co.
Siemens wanted four weeks to examine Alstom's business and
financial records as the German company assesses whether to put
forward an offer for the French company's power assets, after
French government officials asked them to consider a bid.
"So far, we've got everything we wanted," Mr. Kaeser said at an
investor conference in New York. "Now we will make up our mind what
that means for us."
French government officials courted Siemens after expressing
strong reservations about GE's proposal to acquire Alstom's energy
assets. Mr. Kaeser didn't tip his hand about whether Siemens would
follow through with a formal offer.
GE has made concessions to the French government as it tries to
get a deal. It extended its deadline for Alstom to act until June
23. In a meeting with French President François Hollande Wednesday,
GE Chief Executive Jeff Immelt pledged to add 1,000 jobs in France,
according to a person familiar with the matter.
A Siemens executive told a committee of the French Parliament
earlier this week that the company would make a formal bid to
create an "alliance" with Alstom.
The Siemens proposal would bring together all of Siemens'
railroad rolling stock business with Alstom's transport unit, which
manufactures the iconic French TGV high-speed train, said
Christophe de Maistre, chief executive of Siemens' French
business.
Siemens' proposal, which has yet to be formally presented to
Alstom's board of directors, would create a pair of giant European
industrial companies out of the existing rival firms--one focused
on trains, and the other on energy assets, mainly turbines for
coal, gas and nuclear-power plants.
The German company would also consider contributing its railroad
signaling business to the new transportation-focused Alstom, Mr. de
Maistre said.
Write to Ted Mann at ted.mann@wsj.com
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