GE may improve offer for Alstom, French finance minister says

|By:, SA News Editor

France expects General Electric (GE) to improve its bid for Alstom (ALSMY) due to a joint bid from Siemens (SIEGY) and Mitsubishi (MHVYF) that increases the deals' stakes.

"Mitsubishi forming an alliance with Siemens improves Siemens' offer," says French finance minister Michel Sapin. "I think that GE is also going to improve its offer."

GE has already offered $16.9B for all of Alstom's energy assets with the promise to create 1,000 new jobs in France within three years. Siemens and Mitsubishi will disclose their bid by tomorrow, although it looks like they will only be offering $12.3B in cash.

It remains to be seen what General Electric will add to their bid, as GE Vice Chairman John Rice stated Friday his company will pursue its bid alone.