TOKYO--An executive of Hitachi Ltd. (6501.TO) said Thursday that
the company will work closely with its partner Mitsubishi Heavy
Industries Ltd. in a potential joint bid with Siemens AG for energy
assets of France's Alstom SA.
Siemens, the German industrial conglomerate, said Wednesday it
would work with Mitsubishi Heavy to assess a potential pitch for
the Alstom operation in a move that would rival General Electric
Co.'s offer to buy Alstom's energy and rail divisions at $17
billion. Alstom has tentatively approved a bid from GE, but French
government officials have objected to the U.S. company controlling
what they see as strategic national assets.
"Hitachi is aware of the Alstom issue and we consider this a
very good deal," Katsumi Nagasawa, Hitachi's executive heading its
power systems business, said at an investors briefing in Tokyo.
"We will work closely" with Mitsubishi Heavy, Mr. Nagasawa said,
adding the company was exploring various options. He declined to
provide further details. The two Japanese heavy-machinery makers
recently integrated their thermal power businesses.
The Nikkei reported on Thursday that Hitachi and Mitsubishi
Heavy will form a joint venture and spend nearly $5 billion to
acquire Alstom's steam turbine operations.
Write to Kana Inagaki at kana.inagaki@wsj.com
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