BERLIN (AP) — Engineering giants Siemens of Germany and Mitsubishi Heavy Industries of Japan reacted quickly to General Electric Co.’s sweetened bid for France’s Alstom SA, raising their own combined offer by more than 1 billion euros (dollars).
The two companies said in a statement Friday they were raising their cash offer by 1.2 billion euros ($1.63 billion) to 8.2 billion euros, which increases their overall valuation of Alstom’s energy business by 400 million euros to 14.6 billion euros.
Siemens hopes to acquire Alstom’s gas business entirely, while Mitsubishi would take a 10 percent stake in Alstom under their proposal.
GE, meantime, has bid 12.35 billion ($17 billion) for Alstom’s entire power business. On Thursday it added new guarantees on sensitive concerns over jobs and decision-making, while leaving the cash value unchanged.