Global engineering giant Siemens (NYSE: SI) will not pursue a bid for Ansaldo Energia, Finmeccanica SpA’s (BIT: FNC) power plant construction unit.

Bloomberg reports that ‘people familiar with the plans’ are citing minimal technological benefit and ‘too much overlap’ in the decision to opt out of the process, despite their preferred bidder status.

Ansaldo

The unnamed sources also added that the decision was also informed by the company’s shedding jobs at its own energy unit due to declining power plant sales.

South Korea’s Doosan Heavy Industries is now said to be back in contention for the Italian conglomerate’s power business, according to Bloomberg analysts.

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