General Electric (GE +0.3%) CEO Jeff Immelt will have to convince the French parliament today of his €12B ($17B) bid for Alstom (ALSMY -0.5%). Immelt faces pressure from Siemens France chairman Christophe de Maistre, who will have his own shot at an offer for the electric and rail transport giant.
Previously, GE had extended its bid to June 23, although Siemens is already being seen making a rival offer. Reuters suspects that Siemens was readying a formal bid under which it would "transfer its rail activities and less than 7 billion euros in cash to its French rival in exchange for its power assets." Although it is still likely that Siemens will hold onto some of its rail business, as reported last week.