Mitsubishi Heavy Industries Ltd.OTCPK - Current
Thu, Sep. 29, 8:01 AM
- Hitachi (OTCPK:HTHIY), Toshiba (OTCPK:TOSYY) and Mitsubishi Heavy Industries (OTCPK:MHVYF) are in talks to combine their nuclear fuel operations, as the outlook for restarts of reactors following the Fukushima nuclear crisis remains bleak.
- The three Japanese conglomerates aim to merge the operations as early as spring 2017, sources told Reuters.
Mon, Aug. 8, 7:22 AM
Dec. 24, 2015, 7:24 AM
- The builder of Japan's first commercial jetliner is delaying its delivery to customers by about a year (until 2018), in the latest of a series of setbacks for the project.
- Mitsubishi Heavy Industries (OTCPK:MHVYF) said it had identified several areas requiring further investigation since the airliner's first flight in November.
- Previously: New Japanese passenger jet takes to the skies (Nov. 11 2015)
Nov. 30, 2015, 4:39 AM
- Bids for one of the world's most lucrative defense contracts, to build Australia's new submarine fleet worth up to A$50B ($36B), were submitted on Monday.
- Ten months ago Australia, under pressure from Germany and France, withdrew plans to award the contract to Japan without a competitive tender.
- Key bidders are Germany's ThyssenKrupp (OTCPK:TKAMY, OTCPK:TYEKF), France's DCNS (privately-held), and Japan's Mitsubishi Heavy Industries (OTCPK:MHVYF) and Kawasaki Heavy Industries (OTCPK:KWHIF, OTCPK:KWHIY).
- Bidders must submit three separate proposals: building the submarine fleet in their own country; building the fleet in Australia; and a hybrid option whereby work is conducted in both countries.
- Australia plans to to announce its partner next year.
- Source: FT - see there for an excellent comparison of the the merits and disadvantages of each bid.
Oct. 20, 2014, 7:54 AM
- Continuing the race to break the hold of Embraer (NYSE:ERJ) and Bombardier (OTCQX:BDRBF, OTC:BOMBF) on the market for small passenger jets, Mitsubishi Heavy Industries' (OTCPK:MHVYF) subsidiary, Mitsubishi Aircraft, unveiled Japan's first regional jet in a hanger at Nagoya airport.
- Mitsubishi is building 78- and 92-seat versions of the plane, developed at a cost it estimates at ¥180B yen ($1.7B), and aims to conduct the first flight of the jet by June.
- The company already has an order book, including options, for 407 jets.
Aug. 28, 2014, 7:59 AM
Aug. 4, 2014, 5:56 AM
- Mitsubishi Heavy Industries' (OTCPK:MHVYF) involvement in the $400B F-35 project could be delayed as concerns have surfaced over the subsidies which back the program, Reuters reports.
- Arms industry bureaucrats who seek subsidies to back Japan's stake in the project are in a squabble with the finance ministry which wishes to curb spending due to Japan's massive budget deficit.
- Japan also wishes to participate in the F-35 project as a sign of the nation's willingness to end decades of isolation, after a four-decade-old ban on selling arms overseas was recently lifted.
- The worries could force Japan's biggest arms maker to renegotiate the deal with Britain's BAE Systems (OTCPK:BAESY) for supplying F-35 rear fuselage parts under an international consortium.
- BAE, Lockheed Martin (NYSE:LMT) and other members of the nine-nation group welcome Japan's F-35 participation, but not if it means relenting on tight production costs.
Jun. 23, 2014, 2:25 AM
- The last remaining element to the General Electric (GE)-Alstom (ALSMY) deal has now been complete, after the French government secured its 20% stake in Alstom from Bouygues (BOUYF). Bouygues will lend the shares to the French state, in order for the government to become an immediate shareholder.
- After being ousted from the the deal, Siemens (SIEGY) CEO Joe Kaeser says he's still ready to negotiate with Alstom should the agreement between GE and the power equipment company fall apart.
- Previous coverage
Jun. 22, 2014, 10:55 AM
- After receiving the French government's blessing on Friday, General Electric's (GE) improved bid has been officially accepted by Alstom's (ALSMY) board. The approval marks an end to the bidding war between GE and Siemens (SIEGY)-Mitsubishi (MHVYF).
- The closing of the deal is still contingent upon the French government finding an agreement with Bouygues (BOUYF). The former wishes to buy a 20% stake in Alstom before allowing GE to buy the group. After the French state purchases its 20% stake, Alstom will be left as a holding company, paving the way for three 50-50 joint ventures with GE.
- Once the deal is closed, Alstom will then buy GE's train signalling business.
- The approved offer still values the power equipment company at $17B, but prices the Alstom investment in the joint-ventures at $3.4B.
Jun. 21, 2014, 12:13 AM
- GE is the apparent winner in the contest for Alstom (ALSMY), shutting out Siemens (SIEGY) and Mitsubishi (MHVYF), as the French government has given its blessing to GE’s offer while buying a 20% stake for itself - which means GE is now effectively going into business with the French state.
- In the ~$13.5B deal, GE would acquire Alstom’s natural gas turbine operations along with its valuable customer base while selling to Alstom its railroad signaling business, and 50-50 joint ventures would be created for steam turbines, renewable energy and electrical grid systems.
- The concessions will mean a smaller boost to GE's profit and fewer cost savings from the deal, and could complicate decision making in situations where the French government feels it has an interest, a William Blair analyst says.
- GE's Jeffrey Immelt says it's not the straight takeover of the energy business he had envisioned, but that 86% of the deal's synergies - essentially the value of the energy business - were outside of the joint ventures.
- Alstom's board is due to decide on the deal by Monday, when GE's binding offer expires.
Jun. 20, 2014, 11:45 AM
- The Alstom (ALSMY) board will be convened no later than Monday to review and resolve the updated offer from GE as well as the newest proposal from Siemens (SIEGY) and Mitsubishi Heavy Industries (MHVYF).
- Previously: Siemens, Mitsubishi update Alstom bid
- Previously: CNBC: GE revised proposal creates three joint ventures
Jun. 20, 2014, 2:55 AM
- 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.
Jun. 19, 2014, 3:02 PM
- Siemens (SIEGY) and Mitsubishi Heavy Industries (MHVYF) have revised their alliance proposal to Alstom (ALSMY), French trade unions say, after General Electric (GE -0.1%) revamped its own rival offer.
- The chief of the metallurgy arm of CGT trade union tells Reuters that the Siemens-Mitsubishi group was now offering to improve its bid by a further €800M to take higher stakes in two parts of Alstom's business.
- The offer would leave Siemens-MHI with a 40% stake in Alstom's steam, hydro and renewables business.
Jun. 19, 2014, 10:14 AM
- General Electric (GE -0.7%) has presented its revised proposal for Alstom (ALSMY -0.8%) to the French government. The improved offer creates three energy joint ventures between GE and the French multinational in the renewables, grid, and nuclear categories, CNBC reports.
- Confirming earlier reports, GE has also highlighted it is willing to sell its rail signalling business.
- The Alstom board is expected to vote on the bids before Monday.
Jun. 18, 2014, 8:19 AM
- General Electric (GE) will present its improved offer for Alstom (ALSMY) to the French government tomorrow, Reuters reports.
- After the submission, the French government will judge the new bid in comparison to the joint offer of Siemens (SIEGY) and Mitsubishi Heavy Industries (MHVYF).
- The Alstom board is expected to give its decision by Monday.
Jun. 17, 2014, 3:18 PM
- GE (GE +0.1%) is considering selling its train signaling business to Alstom (ALSMY), as it seeks ways to improve the appeal of its $17B offer for the French company's energy business, WSJ reports.
- A direct sale would send GE beyond its initial proposal outlined last month by CEO Jeffrey Immelt during a parliamentary hearing in France to consider pooling its signaling operations with Alstom's into a joint venture.
- GE may propose to Alstom that it choose between a direct purchase and a joint venture, which would allow the maker of France's TGV bullet trains to decide whether it would rather conserve cash for other acquisitions or spend a chunk of it on buying GE's signaling unit.