Alstom bid: Mitsubishi, Hitachi eye clout

[TOKYO] Mitsubishi Heavy Industries' involvement in Siemens' bid for the power assets of France's Alstom fits in with the Japanese company's plans to build a global presence after a recent major reorganisation of its business.

Mitsubishi Heavy president Shunichi Miyanagi said last month that the company wanted to accelerate its global expansion through mergers, acquisitions and alliances.

It has been paying down debt and cut its debt-equity ratio in half between 2010 and last year, while building up its cash reserves to almost US$4 billion.