PARIS (AP) — Top executives from Siemens and Mitsubishi Heavy Industries are meeting with French President Francois Hollande to discuss their offer to buy parts French engineering company Alstom SA.
Joe Kaeser, CEO of Alstom’s German rival Siemens AG, and Shunichi Miyanaga, CEO of Mitsubishi, were at the Elysee palace in Paris hours after they unveiled their offer to buy parts of Alstom. Siemens would pay 3.9 billion euros for the gas turbine business. Japan’s Mitsubishi would purchase a 10 percent stake in Alstom and inject 3.1 billion euros into the struggling company.
Alstom executives had in April already negotiated a competing $17 billion offer for its energy business from U.S. conglomerate General Electric Co., but the French government intervened to delay the deal’s signing.
Hollande has called G.E.’s offer not good enough.