Germany's Siemens AG will team with Japan's Mitsubishi Heavy Industries Ltd. to bid for Alstom SA's energy business. The bid will counter a $15.4 billion offer from General Electric and stands to break up Alstom's turbine operations, with Siemens likely to end up with the gas turbine operations and Mitsubishi acquiring the steam turbine and grid operations. Paul Whitfield, correspondent for The Deal, weighs in on the deal and what it means for GE. Whitfield says if Siemens and Mitsubishi succeed, Alstom will be broken up, which ends the narrative that the deal is all about creating a European energy giant. That idea was a main reason the French government supported a deal with Siemens over the bid from GE.
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