FRANCE is continuing to press for guarantees from contenders to buy power equipment assets from Alstom, as Siemens and Mitsubishi Heavy Industries consider a joint move to challenge a formal offer from General Electric.

    The race to acquire power activities from Alstom, better known for its high-speed TGV trains, is entering a crucial week, with Siemens and Mitsubishi expected to present their joint move by yesterday ahead of a June 23 cut-off date set by GE for its 12.4 billion euros (US$16.88 billion) bid for all of Alstom’s energy arm, which includes its thermal power, renewable power and grid businesses.

    Alstom is privately owned but the government has taken an active role in the talks. It views the group’s transport and energy activities, notably in nuclear power, as strategic and is keen to preserve jobs with unemployment stuck above 10 percent.

    The French Government has already secured a pledge from GE to create 1,000 new jobs in France within three years of a deal and Finance Minister Michel Sapin said Sunday he expected the U.S. conglomerate to improve its offer further.

    (SD-Agencies)