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Germany shrugs off criticism over Siemens' failed Alstom bid

Published on Jun 23, 2014 9:22 PM
 

BERLIN (AFP) - Germany's government on Monday rejected criticism it had insufficiently backed industrial giant Siemens in a bidding war for a stake in France's Alstom, which opted for US rival GE's offer instead.

Chancellor Angela Merkel's spokesman said "in principle, as we have repeatedly said, decisions about possible industrial cooperation ... are the responsibility of the enterprises involved".

France said Sunday it would take a 20-per cent stake in Alstom, while the engineering conglomerate has accepted General Electric's 12.35-billion-euro (S$20 billion) offer for its energy business.

The French government, which had earlier encouraged a Siemens bid, said Friday it favoured GE's bid over Siemens' joint offer with Japan's Mitsubishi Heavy Industries.

 
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