Siemens, Mitsubishi announce Alstom offer

Germany's Siemens AG and Japan's Mitsubishi Heavy Industries say they've agreed to join forces on a multi-billion euro proposal involving purchasing parts of France's Alstom. Germany's Siemens AG and Japan's Mitsubishi Heavy Industries say they've agreed to join forces on a multi-billion euro proposal involving purchasing parts of France's Alstom and injecting money into the company.

Siemens said Monday it's offering 3.9 billion euros ($5.3 billion) to acquire Alstom's gas business entirely and will give three-year job guarantees in France and Germany for the transferred business. Mitsubishi would purchase a 10 percent stake of Alstom and inject 3.1 billion euros into the company.

The companies say their proposal would "preserve Alstom's current perimeter in almost all its activities" while strengthening its finances and leaving it a major French listed group.

French President Francois Hollande, who's said General Electric Co.'s own bid for Alstom isn't good enough, plans to meet the Siemens and Mitsubishi CEOs Tuesday.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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