FILE - This Wednesday, April 30, 2014 file photo shows the company logo of Alstom at the headquarters of the leading global maker of high-speed trains, power plants and grids, in Levallois-Perret, outside Paris, France. Engineering giants Siemens of Germany and Mitsubishi Heavy Industries of Japan on Monday June 16, 2014 jointly offered to buy parts of France's Alstom and start a long-term partnership, a move that could derail a competing bid by General Electric. (AP Photo/Christophe Ena, File)
June 16, 2014 - 8:47 AM
BERLIN - 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 per cent 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.
News from © The Associated Press, 2014