NEW YORK (TheStreet) -- General Electric Co. (GE) made an offer to buy turbines and the grid business from Alstom, a French multinational conglomerate with interest in power generation and transport markets, for $16.9 billion but the French government wants Alstom to hold out for better offers, Reuters reports.
France's energy minister, Segolene Royal, told the magazine Paris Match she thinks the deal with GE is "a very good opportunity."
The partnership is under the threat of government intervention as France's industrial minister Arnaud Montebourg warned GE he would not allow the American company to take away the country's "symbol of industrial freedom," The Telegraph reports.
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Another buyer interested in Alcom is the German electronics and engineering company Siemens AG (SI).
Alstom gave itself until the end of May to review it options, Reuters said.
Shares of GE are down -0.33% to $26.83 on Wednesday.
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 some important positives, 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 and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."