NEW YORK (TheStreet) -- General Electric (GE) is down -0.9% to $26.34 in trading on Tuesday following the news that the French government disapproves of the company's bid for Alstom's energy assets.
Alstom had been reviewing GE's $17 billion bid and its board had unanimously endorsed the deal last week, however the French government expressed reservations about the nature of the acquisition.
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Alstom has also received a competing bid from German company Siemens AG (SI) which offered a deal worth between $14 and $15 billion in cash and asset swaps
In a letter to GE CEO Jeffrey Immelt, French economy minister, Arnaud Montebourg wrote "The government would like to examine with you the means of achieving a balanced partnership, rejecting a pure and simple acquisition, which would lead to Alstom's disappearing and being broken up."
TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had sub par growth in net income."