NEW YORK (TheStreet) -- Today General Electric Co. (GE) announced it has agreed to extend the deadline for its $16.9 billion bid for Alstom's energy business to June 23 from June 2 at the request of the French government.
The French government has been reluctant to agree to the American company's proposal and is said to favor the offer made by the German company Siemens AG (SI).
GE said it agreed to the deadline extension as a way to "facilitate ongoing discussions with the government."
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"The industrial project we have presented is good for Alstom, for France and for GE, and our discussions have continued to be constructive," GE said.
Shares of GE are up 0.13% to $26.52 on Thursday.
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 a few notable 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, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."