NEW YORK (TheStreet) -- General Electric Co.'s (GE) rival for Alstom SA's energy business, Siemens AG (SIEGY), is said to be in talks with Mitsubishi Heavy Industries (MHVYF) regarding a joint bid for Alstom in order to counter GE's $17 billion bid, Bloomberg reports.
The two companies will decide whether or not to submit a joint proposal to Alstom's board of directors by June 16.
The French government halted GE's acquisition of Alstom in order to give the company the opportunity to consider other deals which would not cut jobs or endanger the country's energy independence, Bloomberg said.
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Shares of GE are down -0.99% to $27.14 on Wednesday afternoon.
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 number of 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, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."