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Thu, Aug. 28, 7:59 AM
Mon, Aug. 4, 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.
Mon, Jun. 23, 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
Sun, Jun. 22, 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.
Sat, Jun. 21, 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.
Fri, Jun. 20, 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).
- Press release
- Previously: Siemens, Mitsubishi update Alstom bid
- Previously: CNBC: GE revised proposal creates three joint ventures
Fri, Jun. 20, 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.
Thu, Jun. 19, 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.
Thu, Jun. 19, 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.
Wed, Jun. 18, 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.
Tue, Jun. 17, 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.
Tue, Jun. 17, 2:13 PM
- GE (GE +0.2%) is in talks with the French government to refine guarantees on jobs, planned investments and access to nuclear technology to distinguish its $17B bid for Alstom’s (ALSMY) energy assets from Siemens' (SIEGY) offer, Bloomberg reports.
- In trying to meet France's demands for a better offer, GE is said to promise an independent audit to ensure it honors a pledge to create 1,000 industrial jobs in France as part of a deal, and may be willing to make commitments for future spending on France-based operations.
- While GE will not increase the cash part of its offer, it appears willing to continue discussions about several areas, including ensuring that French interests retain access to nuclear technology and a possible GE-Alstom partnership in railroad signaling.
- Meanwhile, other reports say the French government is willing to take a stake of 10% or more in Alstom alongside Mitsubishi Heavy Industries (MHVYF) as part of the Japanese firm's joint offer with Siemens.
Tue, Jun. 17, 7:23 AM
- Reuters reports France is looking for an improvement in General Electric's (GE) and Siemens' (SIEGY) offers, although the latter sees no reason to discuss improvements to the bid, even calling it "superior" and "really comprehensive".
- Siemens placed its joint bid with Mitsubishi (MHVYF) for Alstom's (ALSMY) energy business yesterday, however, France has declared that both bids will need tuning.
- The talks will continue this week, with GE set to reply to its rival's offer in the coming days.
Sun, Jun. 15, 12:35 PM
- France expects General Electric (GE) to improve its bid for Alstom (ALSMY) due to a joint bid from Siemens (SIEGY) and Mitsubishi (MHVYF) that increases the deals' stakes.
- "Mitsubishi forming an alliance with Siemens improves Siemens' offer," says French finance minister Michel Sapin. "I think that GE is also going to improve its offer."
- GE has already offered $16.9B for all of Alstom's energy assets with the promise to create 1,000 new jobs in France within three years. Siemens and Mitsubishi will disclose their bid by tomorrow, although it looks like they will only be offering $12.3B in cash.
- It remains to be seen what General Electric will add to their bid, as GE Vice Chairman John Rice stated Friday his company will pursue its bid alone.
Fri, Jun. 13, 1:06 PM
- Siemens (SIEGY) and Mitsubishi (MHVYF) reportedly are putting the finishing touches on a joint offer for Alstom's (ALSMY) turbine businesses that includes ~€9B cash.
- GE has offered €12.35B ($16.9B) for all of Alstom's energy assets, including turbines, renewables and grid operations, but a source tells Reuters "the offer can't be compared with that of GE as they're so different in nature."
- Under the complex proposal, Alstom would have a future in the energy business and be at the center of a European rail champion - both potentially attractive prospects for the French government - but would turn Alstom into an unwieldy holding company with stakes in disparate businesses, which may make it difficult to convince Paris that its deal is a jobs creator.
Fri, Jun. 13, 7:44 AM
- GE Vice Chairman John Rice has stated that General Electric (GE) will pursue its bid over Alstom (ALSMY) alone. The statement comes after Siemens (SIEGY) announced it would partner up with Mitsubishi (MHVYF) and possibly Hitachi (HTHIY) for a joint bid over the French energy business.
- “We don’t think we need a partner in the context of our bid,” says Rice. “We feel really good about the way the process is working, and interactions that we had with the government.”
- GE has put in a $17B bid for Alstom.
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