The French government has postponed a meeting with General Electric to discuss the US manufacturer’s bid for French rival Alstom’s energy business, saying that it wants time to examine a separate proposal from Germany’s Siemens.
In a letter to Alstom chief executive Patrick Kron over the weekend, Siemens proposed the creation of two new European industrial champions – one in energy under Siemens’ leadership and another in transport, which Alstom would own.
The non-binding asset-swap proposal, a copy of which was obtained by the Financial Times, represents a dramatic intervention by Siemens to prevent its great rival GE creating a bigger presence in Europe.
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