GE submitted a binding offer to purchase Alstom’s Thermal, Renewables and Grid businesses for $13.5 billion in enterprise value and $3.4 billion of net cash, totaling $16.9 billion.
On April 29, Siemens’ (NYSE: SI) Managing Board and the Supervisory Board announced that the company will make an offer to acquire Alstom.
According to a press release from Siemens, the prerequisite for this offer is that Alstom give Siemens access to the company’s data room and permission to interview the management team during a four week period. The letter was submitted Tuesday afternoon to Altsom.
Various reports last week stated GE was interested in acquiring Alstom for around $13 billion. However, on Monday Siemens also showed interested in purchasing the company, saying it would consider making an offer after meeting with French President François Hollande.
On Sunday Siemens said it had “submitted a letter to the Board of Alstom to signal its willingness to discuss future strategic opportunities.”
Alstom stated in a release Sunday that it would make a further announcement before the end of the week.