GE, Siemens defend rival plans for France's Alstom

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GE, Siemens defend rival plans for France's Alstom

<p><a href="http://news.yahoo.com/ge-boss-faces-public-alstom-grilling-paris-132647353--sector.html"><img src="http://l1.yimg.com/bt/api/res/1.2/54chlFAMHA0eqh6_7dt65w--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-05-27T132647Z_1006950001_LYNXMPEA4Q0KG_RTROPTP_2_CBUSINESS-US-ALSTOM-OFFER.JPG" width="130" height="86" alt="Jeff Immelt, Chairman and CEO of General Electric speaks at a news conference announcing the Head Health Initiative along with the National Football League (NFL) in New York" align="left" title="Jeff Immelt, Chairman and CEO of General Electric speaks at a news conference announcing the Head Health Initiative along with the National Football League (NFL) in New York" border="0" /></a>By Natalie Huet and Benjamin Mallet PARIS (Reuters) - General Electric and Siemens defended rival proposals to buy the power arm of Alstom on Tuesday, both assuring France that its prized engineering firm would emerge strengthened, including in its remaining transport business. Top executives for both groups told lawmakers their plans were good for Alstom, for France and its jobs, as they strived to address government concerns over the fate of the once bailed-out company and the nation's wider industrial footprint. During a parliamentary hearing, the chairman of Siemens France, Christophe de Maistre, said the German group hoped to submit by June 16 at the latest a formal asset swap offer that would create two European industry champions, one in power around Siemens, the other in rail around Alstom. GE Chief Executive Jeff Immelt, meanwhile, spoke in defence of his group's 12.35 billion euro ($16.9 billion) bid for Alstom's power arm.</p><br clear="all"/>

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