Canadian Manufacturing

French president awaiting word from Siemens on bid for Alstom

Comes almost two weeks after company confirmed GE submitted bid for energy business



BERLIN—French President Francois Hollande says France is awaiting a detailed offer from German industrial conglomerate Siemens AG for Alstom, but won’t prejudge the outcome of a potential takeover battle with General Electric Co. (GE).

Hollande says GE’s US$17-billion offer for the energy-related businesses of engineering company Alstom isn’t good enough, though Alstom favours it.

Siemens is considering making an offer for its power-generating business.

After meeting German Chancellor Angela Merkel, Hollande said France is “particularly attentive” to implications for jobs, locations and where decisions are made.

Merkel said the matter is a business decision “in which, at least from the German side, we’re not interfering” but indicated Berlin would view a deal positively “if it brings advantages.”

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