Siemens Willing To Discuss Strategic Opportunities With Alstom

(RTTNews) - German conglomerate Siemens AG (SI) said it sent a letter to the board of speed-train maker Alstom SA (AOMFF.PK, ALS.L), expressing willingness to talk about strategic issues of future cooperation.

Siemens said it would not make further comments in this regard at this time.

On Wednesday, Bloomberg said General Electric Co. (GE) was in talks to buy Alstom for more than $13 billion. On Friday, Bloomberg reported that Alstom board planned to meet to discuss the potential sale of its power plants and transmission gear to GE.

It was reported Sunday in The Wall Street Journal last week that Siemens offered a swap transaction with the French industrial company, in a bid to counter an offer by diversified conglomerate General Electric Co. (GE).

Siemens proposed a cash deal plus asset swap to acquire Astom's units handling thermal power, renewable power and electric-grids. Siemens valued the businesses at roughly 10 billion euros to 11 billion euros or $13.8 billion-$15.2 billion.

The German firm also proposed to contribute significant parts of its rail systems business, which Alstom could merge with its transportation businesses, the Journal said.

Siemens closed down 1.6 percent on Friday at 95.97 euros.

Alstom settled in Paris at 27.00 euros on Friday.