NEW YORK (TheStreet) --Siemens AG (SIEGY) and Mitsubishi Heavy Industries (MHVYF) increased their joint bid on Alstom's energy business by 1 billion euros to 8.2 billion euros on Friday, Reuters reports.
The two companies raised their bid in the hopes it would get General Electric Co. (GE) to back off and not submit a revised offering before the June 23 deadline.
On Thursday, GE submitted a revised plan for Alstom's energy business by offering to create three new joint ventures with Alstom, and sell the company its signaling business, but GE did not raise its original $17 billion bid.
Alstom was getting ready to sell GE its energy business weeks ago but the French government stepped in giving itself the right to veto any deal that did not protect French jobs within the industry.
The government is expected to announce it preference before Alstom's board meets to make a decision on June 23.
Shares of GE are up slightly in early morning trade..
Separately, 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."