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To: TobagoJack who wrote (32636)	4/29/2003 6:05:30 AM
From: elmatador	Respond to of 74559

After eating Alstom gas turbine business yesterday, while digest it: Siemens 'can wait' for an Invensys bid Siemens is one of the few companies with a strong enough balance sheet to buy the assets. The transmission and switch gear from Alstom is also attractive and since it on the block, Siemens may eat it too. In the end only GE Hitachi and Siemens will be left standing. Siemens 'can wait' for an Invensys bid By Peter Marsh in London and Martin Arnold in Paris Financial Times; Apr 29, 2003 Siemens, the German industrial group, could be prepared to wait for a further faltering in the fortunes of Invensys before preparing a bid for key parts of the UK company, Heinrich von Pierer, Siemens' chief executive indicated yesterday. Mr von Pierer said "we can wait" in response to questions as to whether Siemens was ready to make an offer for the two-thirds of Invensys that two weeks ago the controls and automation group put up for sale, due to its weak profitability and high debts. Siemens is interested in the process automation part of Invensys, centred on its US-based Foxboro division, and also its rail signalling side. These are two parts of Invensys that the UK company intends to keep. Mr von Pierer said Siemens was "examining" whether to bid for those units of Invensys - such as energy management and appliance controls - that are for sale. However, he said Siemens would be "very cautious" about tabling any offer and made it clear that his real interest lay in the rest of the company. "It would be a bit impolite of me to speculate further [about Siemens' intentions]," he said. Mr von Pierer said Invensys - which has suffered a fall in its share price in recent weeks together with strategic setbacks - could be forced by further difficulties to listen to offers for those parts of the company it planned to retain. Mr von Pierer drew a comparison with his 13-year wait to take over the industrial turbine division of Alstom, French engineering company, in a €1.1bn ($1.2bn) deal announced yesterday. The agreement covers Alstom's small gas turbines division in the UK, its medium-sized gas turbines business in Sweden and its industrial steam turbines businesses in Germany, Sweden and the Czech Republic. While this division of Alstom had been regarded as key to the French company, it has been forced to sell it because of its own high debts. Patrick Kron, Alstom chief executive, said the transaction was "a key milestone" to strengthen its financial base.