GE announced it has revised its bid for the acquisition of French energy and transportation powerhouse Alstom. Under the revision, GE proposes “alliances” between the two companies, while maintaining a degree of autonomy.
Among the partnerships GE proposes is a 50/50 joint venture involving Alstom’s wind and hydroelectric renenewable energy assets. In a similar joint venture, the two companies would combine their electrical grid assets.
Additional aspects of the proposal included a global nuclear and French steam alliance, strengthening Alstom’s transportation segment, and an emphasis on job creation in France.
The bid revision was announced three days after Siemens and Mitsubishi Heavy Industries submitted a similar joint counter-bid. GE’s original bid was rejected by French government officials concerned with French jobs.