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Yukihiro Kumagai, Analyst at Jefferies, says the joint bid by Siemens and Mitsubishi Heavy Industries is "a little behind" General Electric's formal offer.
Siemens and Mitsubishi presented a joint offer to France's Alstom that includes a $12.3 billion cash element and competes with GE's offer.
Some of the names on the move ahead of the open.
Competition to acquire Alstom has intensified, as Siemens and Mitsubishi Heavy Industries are expected to make a joint offer, the NYT reports.
CNBC's Annette Weisbach reports on the latest developments in the bid for parts of Alstom's business from Siemens and Mitsubishi Heavy Industries and General Electric.
Siemens and Mitsubishi are putting the finishing touches on a joint offer for Alstom's turbine businesses, sources said.
Hitachi said it hopes to join Mitsubishi Heavy Industries and Siemens AG in their joint bid for Alstom SA's energy assets.
Some of Wednesday's midday movers:
The CEO of German conglomerate Siemens tried to calm a storm over job cuts after he let slip that his restructuring plan might cut 11,600 jobs.
Emiliano Mellino, senior France correspondent at Dealreporter Europe, says GE has made a lot of steps towards a deal with Alstom, but that issues around the nuclear assets remain unresolved.
General Electric has improved its offer for French train and turbine maker Alstom, with a pledge to create 1,000 jobs in France, sources said.
General Electric's chief executive expressed confidence that the firm's takeover of a French power company will go through despite resistance.
Companies like to say "What's good for American business is good for America." But there's a question we need to ask first.
Stocks finished in positive territory after hovering around the flatline for much of the session Monday, as investors remained cautious amid recent mixed economic reports.
U.S. stock index futures traded lower on Monday as global stocks continued to fall.
CNBC's Stephane Pedrazzi discusses reports that Siemens is preparing a formal bid for Alstom's power business that could come as early as this week.
Germany's Siemens is working on a formal asset-swap offer for Alstom's power business that could come as early as this week.
Systems that run everything from power grids to factories, experts tell CNBC, are extremely vulnerable to attack.
The French government has issued a decree allowing it to block any foreign takeovers of French companies in "strategic" industries, throwing up a potential roadblock to General Electric's planned $16.9 billion bid for Alstom's energy assets.
European shares closed at six-year highs on Monday, with strong buying seen in the basic resources sector.