Siemens and Mitsubishi present offer to Alstom

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German engineering company Siemens and Japan’s Mitsubishi have presented a joint offer to France’s Alstom that includes seven billion euros in cash.

Under the deal, Siemens would buy Alstom’s gas turbines business for 3.9 billion euros and Mitsubishi would buy stakes in the French company’s key assets.

This bid challenges an offer of 12.4 billion euros by General Electric for all of Alstom’s energy arm, which includes its thermal power, renewable power and grid businesses.

The French government has attempted to negotiate better offers and alliances in order to maintain Alstom’s important role in transport and energy.

They see both as vital industries at a time when the country’s unemployment rate is stuck above ten percent.

Alstom currently employs 18,000 people in France.