Siemens bid for Alstom Energy seen by French minister as greater partnership than GE offer; big job losses doubtful
Siemens, the German technology company, is offering more of an alliance with French business Alstom Energy Systems whereas Connecticut-based GE is proposing a takeover, according to French economy minister Arnaud Montebourg, talking to Frankfurter Allgemeine.
During a conversation with the German-language daily, Montebourg said Siemens has prepared an offer, but its finalization is awaiting the completion of detailed examinations this month. He himself has read parts of it, he said.
Montebourg said that Alstom, in which the French government has a 0.9% stake, would see its transportation arm dwindling in the long term under GE's plan. Siemens, he said, envisages an alliance in the transportation field under French leadership, and an alliance in the energy field under German leadership. Decision making would remain based in France, he added. He said Siemens' offer has the advantage of providing a say for the state and unions.
Montebourg questioned the assumption that the Siemens deal would lead to a lot of job losses. He said that both companies have announced comprehensive restructuring as separate entities. He added that if they together become an international leader and conquer new markets, things look quite different.
Source Frankfurter Allgemeine Zeitung