Siemens held lengthy board debate on bid for Alstom power division
Siemens, the German technology company, does not have unanimous internal support for its bid for Alstom's power division, hence it held a very long board meeting on the matter, Frankfurter Allgemeine reported.
Citing unidentified sources at Siemens, the German-language daily said that debates over the EUR 11bn offer for French rival Alstom's power operations meant that the board meeting lasted five hours, before ultimately approving the bid.
The daily was told that some at Siemens consider the deal risky and expensive, and fear the overlaps of the businesses are too big and the need for restructuring too considerable. In the event of the takeover going ahead, according to the sources, Siemens might spend years integrating the operations.
The report also noted that Juergen Wechsler of the German trade union IG Metall has asked for assurances of roughly 11,500 jobs remaining at Siemens' transport technology operations in the event of a takeover.
Source Frankfurter Allgemeine Zeitung