General Electric Co (GE) wants to avoid a bidding war with Siemens AG and Mitsubishi Heavy Industries Ltd over Alstom SA, but it is talking to the French government about potentially changing non-price terms of the bid, a person close to GE said.
GE is talking to the French government about jobs, bringing in new French investors to the power unit and providing access to nuclear steam turbine technology and some kind of deal to strengthen the transport businesses, according to the person who is familiar with the discussions.
The source said “there is flexibility” around those four areas and that “the talks are ongoing.”
The talks are focused on nuclear technology associated with the French company’s steam turbine business.
The source said GE would work with the French government and the industry to make sure that Areva SA, the French nuclear power giant, had access to that technology.
GE is also open to French investment for the power business of Alstom, with those investments coming either from private or public entities, the source added.
The talks would be looking at “the potential of some sort of tie up” with GE’s signal unit with Alstom’s transport business.
GE had offered 12.4 billion euros (US$16.88 billion) for all of Alstom’s energy arm, which includes its thermal power, renewable power and grid businesses.
General Electric’s bid was challenged by Siemens and Mitsubishi Heavy Industries presented a joint offer to Alstom on Monday that included 7 billion euros in cash.
Siemens said it would offer 3.9 billion euros in cash for Alstom’s gas business, while Mitsubishi Heavy Industries would pay 3.1 billion euros for 10 percent of a vast firm seen as a national treasure in France.
The Japanese company said it would create three joint ventures by acquiring 40 percent of Alstom’s nuclear business and 20 percent each of its grid and hydroelectric business.
Sources familiar with the matter said the rival bid would be worth over 1 billion euros more than GE’s, taking into account the value of the parts of the power businesses that would remain under Alstom’s control.
Alstom said the German-Japanese offer will be reviewed by a committee of independent directors and submitted to Alstom’s board in the coming days.
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