Siemens makes offer for Alstom power business, French minister says

|About: Siemens AG (SIEGY)|By:, SA News Editor

French Economy Minister Arnaud Montebourg says Siemens (SI +0.2%) is in the process of submitting an offer to buy the power business of Alstom (ALSMY, AOMFF) to counter a bid from GE.

Alstom's board is due to meet today to discuss the two proposals; GE has offered more than $12B for the power division, while SI has expressed interest in swapping the unit for part of its train division and a smaller amount of cash.

Montebourg says he has asked France's stock market regulator to ensure that both offers for Alstom's energy business were treated equally, which could prolong the negotiations over Alstom's future.