Siemens CEO wants to hold on to parts of rail business

|About: Siemens AG (SIEGY)|By:, SA News Editor

Siemens (SIEGY) wants to hold on to at least some parts of its rail business in any deal with rival Alstom (ALSMY), CEO Joe Kaeser says.

Reports had indicated Siemens was discussing handing over all of its rail business to Alstom and setting up a joint venture in rail signaling, but it seems the German company has at some point offered Alstom half its train-making business plus cash in exchange for its French rival's power turbines division.

Also, Reuters reports Alstom will not give any more information about its power business to Siemens than it has already disclosed to rival bidder GE.