PARIS/FRANKFURT (Reuters) – The board of Alstom (ALSO.PA: Quote, Profile, Research) accepted General Electric’s (GE.N: Quote, Profile, Research) 10 billion euro (8.2 billion pounds) bid for its energy unit on Tuesday, several sources familiar with the situation told Reuters. Sources said GE is not in exclusive talks with Alstom. The French transport-to-turbines group is also set to receive an offer from its much larger German competitor Siemens AG (SIEGn.DE: Quote, Profile, Research), which said it had sent a letter to Alstom after its managing and supervisory boards had decided to make an offer.
Alstom is expected to make a statement about the two offers early on Wednesday, before its shares, suspended since late last week, resume trading.
PARIS/FRANKFURT (Reuters) – Germany’s Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) said on Tuesday it would make an offer to French engineering group Alstom (ALSO.PA: Quote, Profile, Research, Stock Buzz) if it is given four weeks to examine its books and draw up a detailed plan to rival a move by General Electric (GE.N: Quote, Profile, Research, Stock Buzz).
The interest in Alstom from U.S. competitor GE has triggered a fierce national debate about the fate of power turbine and train manufacturing in France – both integral to the nation’s engineering pedigree.
FRANKFURT, April 29 (Reuters) – German chipmaker Infineon
toned up its outlook for the year on Tuesday as it
published consensus-busting quarterly financial results, buoyed
by robust demand from automotive and industrial customers and
sending its shares higher.
Infineon, whose chips activate airbags, enable cruise
control and cut vehicle emissions, is investing to answer
growing demand from automotive and industrial customers such as
engineering group Siemens, benefiting from an
improving global economy and a recovery of European car markets.
PARIS/FRANKFURT, April 27 (Reuters) – Siemens and
the French government intervened in U.S.-based General
Electric’s plan to buy the power arm of France’s Alstom
on Sunday by offering an alternative tie-up between
European “champions” and a pledge to act in France’s national
Though Alstom is privately owned, France’s firebrand Economy
Minister Arnaud Montebourg issued a stark reminder of the
influence the government holds over a company that relies
heavily on orders from state rail operator SNCF and partly
state-owned utility EDF.
PARIS/FRANKFURT (Reuters) – Alstom’s (ALSO.PA: Quote, Profile, Research, Stock Buzz) arch rival Siemens wants talks with the struggling French engineering group, the German company said on Sunday, the day General Electric (GE.N: Quote, Profile, Research, Stock Buzz) boss Jeff Immelt is due in Paris to thrash out a deal to buy Alstom’s global power arm.
FRANKFURT (Reuters) – Philips (PHG.AS: Quote, Profile, Research, Stock Buzz) reported a bigger-than-expected fall in quarterly operating profit and warned of a challenging 2014 owing to unfavorable exchange rates and slowing demand for medical equipment in China and Russia.
The Dutch healthcare, lighting and consumer appliances group said on Tuesday that earnings before interest, tax and amortization (EBITA) dropped 22 percent to 314 million euros ($433.4 million) in the first quarter through the end of March, missing consensus for 341 million in a Reuters poll.
FRANKFURT, April 22 (Reuters) – Philips reported a
bigger-than-expected fall in quarterly operating profit and
warned of a challenging 2014 owing to unfavourable exchange
rates and slowing demand for medical equipment in China and
The Dutch healthcare, lighting and consumer appliances group
said on Tuesday that earnings before interest, tax and
amortisation (EBITA) dropped 22 percent to 314 million euros
($433.4 million) in the first quarter through the end of March,
missing consensus for 341 million in a Reuters poll.
FRANKFURT, April 16 (Reuters) – German industrial machinery
and engineering company GEA Group has struck a deal to
sell its heat exchangers division for about 1.3 billion euros
($1.8 billion) to concentrate on its burgeoning food equipment
GEA said it will use proceeds from the sale to private
equity investor Triton for acquisitions to sharpen its focus on
food-related operations, which will now account for more than 70
percent of group revenues.
DARMSTADT, Germany (Reuters) – Europe on Thursday launched the first satellite of its multibillion-euro Copernicus Earth observation project that will supply valuable images in the event of natural disasters or even a plane crash.
The Sentinel-1a satellite, which blasted off into Earth’s orbit from Europe’s spaceport in French Guiana at 5.02 p.m. ET, will be used to monitor sea ice, oil spills and land use and to respond to emergencies such as floods and earthquakes.
FRANKFURT, April 3 (Reuters) – Lighting companies like
Philips and Osram are scrambling to develop
more advanced technology as a price war for LED bulbs threatens
to eat into profits and bring on a period of low growth as the
long-life bulbs become more common.
The market for light-emitting diodes (LEDs) is growing
rapidly as companies, hotels and shops switch from incandescent
light bulbs, which are being banned in countries around the
world, to these more efficient and durable lights.