On the other hand, the competing offer for Alstom is from Siemens (SI), a German company. Reuters reported Siemens is wrapping up work on its offer to take Alstom's energy business in exchange for its own business in transportation and 7 billion euros ($9.5 billion) in cash. Alstom would be able to focus more completely on its high-speed train manufacturing; Siemens in theory would be more inclined than GE to keep jobs and energy operations in France. Montebourg helped engineer the Siemens proposal as a counter to GE.
Neither deal will likely sit well with National Front members. Le Pen herself has said, according to Reuters, that Hollande's government had "abandoned Alstom to be dismantled for American or German profit." However given Germany's closer ties to France and the two countries' existing economic interdependence through the EU, Siemens looks like the clearer bet to win, if not the party's support, at least, its agreement to not oppose the deal.
No matter what, Immelt's stay in France just got a lot more complicated.
GE's stock was unchanged in early trading Tuesday at $26.51.
-- Written by Carlton Wilkinson in New York