GE made an offer of $12.4 billion but the French government halted the sale as France did not want the company to sell a large portion of its business to a foreign company without having a say in the matter.
The deadline for GE to increase its bid is June 23. Germany-based Siemens submitted a joint proposal today with Japan's Mitsubishi Heavy Industries (MHVYF), valued at $19.3 billion.
Shares of GE are up 0.07% to $26.84 Tuesday morning.
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."