Siemens, Mitsubishi update Alstom bid

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

Confirming earlier reports, Siemens (SIEGY) and Mitsubishi Heavy Industries (MHVYF) have improved their offer for Alstom's (ALSMY) energy business. The updated bid follows General Electric's (GE) new offer made to the French government yesterday.

Siemens and Mitsubishi will now pay €8.2B ($11.2B) in cash, in place of their last bid of €7B. This will value Alstom at €14.6B, which is well above GE's €12.4B. Siemens has also expressed it is willing from the start to enter a mobility management joint venture with Alstom.

Increasing its stake, Mitsubishi is now offering a 40% purchase in Alstom's steam, grid and hydro business, raising its cash payment €3.9B from €3.1. Previously, Mitsubishi planned on creating three joint ventures with Alstom.