UPDATE: Siemens joins GE in Alstom approach

Siemens has said it now plans to make an offer to Alstom as it looks to develop a new strategic partnership with the French engineering giant.

Siemens had previously announced that it was to meet with the French president to discuss future opportunities between the German rail manufacturer and Alstom.

In a brief announcement, Siemens said it would be meeting with ‘high-ranking’ political leaders after writing a letter to Alstom’s board ‘to signal its willingness to discuss future strategic opportunities’.

Siemens has now said it will make Alstom an offer as long as the company “agrees to give Siemens access to the company’s data room and permission to interview the management during a period of four weeks” to enable Siemens to carry out due diligence.

The approach follows reports that General Electric (GE) was set to buy Alstom for €13 billion – rumours that Alstom denied any knowledge of.

Yesterday (April 28), GE confirmed that its chief executive, Jeff Immelt, had met with President Francois Hollande to discuss the company’s French investments.

“The dialogue was open, friendly and productive,” said Immelt.

“It was important to hear in person President Hollande’s perspective and to discuss our plans, our successful track record of investing in France, and our long-term commitment to the country. We understand and value his perspective, and we are committed to work together.”

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