Siemens makes its counteroffer for Alstom gas turbine assets, GE -1%

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

Siemens (SIEGY +0.4%) officially bids to buy Alstom's gas turbine business, part of a broader deal that also involves Mitsubishi Heavy Industries and Hitachi, and potentially spoiling GE's (GE -1%) $17B bid for all of Alstom's(ALSMY -0.5%) energy business

Confirming preliminary reports, Siemens says it has offered Alstom ~€3.9B ($5.3B) for its gas turbine business and related service contracts, and proposed establishing joint ventures in other sectors and transfer of its rail business to Alstom as elements of the bid.

"Our offer preserves the brand Alstom in substantial parts and altogether it's about €1B better financially [than GE's bid]," Siemens CEO Joe Kaeser says.