NEW YORK (TheStreet) -- Shares of General Electric (GE) - Get Report  were down in late afternoon trading on Tuesday as Siemens (SIEGY) and Gamesa rejected a non-binding bid from the digital industrial giant on assets included in a wind power venture between Gamesa and French nuclear power technological solutions company Areva

Areva and Gamesa jointly own the French wind power group Adwen.

The Spain-based renewable energy equipment manufacturer Gamesa is merging with the German industrial conglomerate in an $11 billion deal that aims to create the world's biggest builder of wind farms, Reuters reports. 

Siemens doesn't need Areva's wind technology as the company has already developed its own offshore wind turbines.  

Under Gamesa and Siemens' agreement, they gave Areva three months to decide whether it wanted to purchase Gamesa's 50% stake in the venture or sell it to them. 

GE is looking to expand its presence in the offshore wind industry and said it was in talks with the companies about buying Adwen.

If Areva doesn't find a buyer for Adwen before the time frame expires, Reuters noted that Gamesa would most likely exercise its purchase option and take over Areva's 50% stake. 

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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

The team rates GE as a Buy with a ratings score of B. This is driven by multiple strengths, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, solid stock price performance, impressive record of earnings per share growth and notable return on equity. The team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that it evaluated.

You can view the full analysis from the report here:

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