Germany to consider Alstom stake using KfW for Siemens
Germany, Munich: The German government is considering using its state-owned development bank to buy a stake in Alstom if Siemens’ proposal succeeds, according to people familiar with the plans.
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Germany, Munich: The German government is considering using its state-owned development bank to buy a stake in Alstom if Siemens’ proposal succeeds, according to people familiar with the plans.
Kreditanstalt fuer Wiederaufbau, the lender owned by the federal government and the states, would buy Alstom shares which Siemens would have acquired in the transaction, according to the people who asked not to be named.
German Economy Minister, Sigmar Gabriel, said he favors a “European solution” for Alstom as Germany and France consider creating European champions, including an “Energy Airbus“, initially proposed by President Francois Hollande in January.
Adrian Toschev, a spokesman for the German Economy Ministry in Berlin, said he was was unable to comment on the proposal, reports Bloomberg. A spokeswoman for Frankfurt-based KfW said she had no immediate comment, while Siemens spokesman Marc Langendorf declined to comment. Montebourg’s office and Alstom also failed to comment.
In its initial proposal, Siemens valued Alstom’s power business at $ 15 billion, people familiar with the proposal said at the time.
Source: Bloomberg
#Alstom#Alstom acquisition#Francois Hollande#German bank#German government#Kreditanstalt fuer Wiederaufbau#Siemens