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General Electric revised its bid for the power arm of Alstom on Thursday, offering alliances in energy and rail to appease the French government and beat a rival proposal by Siemens and Mitsubishi Heavy Industries. It was the latest shot in a two-month fight for control of Alstom's energy business that has seen the Socialist government give itself powers to block any deal in the name of protecting local jobs and influence over a strategic sector.



Siemens and Mitsubishi Heavy Industries raised their offer for Alstom's energy businesses to compete with a revised bid by U.S. rival General Electric. Siemens-MHI and GE have been facing off in a battle for control of Alstom's power businesses that has seen the Socialist government give itself powers to block any deal in the name of protecting local jobs and influence over a strategic sector.

France expects General Electric to boost its bid for Alstom's power unit in response to a potential joint offer from Siemens and Mitsubishi Heavy Industries, Finance Minister Michel Sapin said on Sunday. Siemens and Mitsubishi are putting the finishing touches on an offer for Alstom's turbine businesses, including a cash element of roughly $12.3 billion, according to sources close to the bidders. GE, meanwhile, has made a pledge to the French government to create 1,000 new jobs in France within three years of a deal, according to sources close to the discussions.