Siemens, Mitsubishi hike Alstom offer

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SiemensMitsubishi1 Reuters. President and chief executive of Siemens Joe Kaeser (R) and Mitsubishi Heavy Industries chief executive Shunichi Miyanaga attend a news conference after a meeting with French government in Paris June 17, 2014. Germany's Siemens and Japan's Mitsubishi Heavy Industries presented a joint offer to France's Alstom, challenging a bid by General Electric.

Berlin - Siemens and Mitsubishi upped their offer for France's power-to-rail group Alstom on Friday, as they battled with General Electric to win the government's backing to buy the French conglomerate.

The new offer - announced a day after GE sweetened its rival bid - increases the valuation of Alstom's energy division by 400,000 euros to 14.6 billion euros and ups the cash contribution by 1.2 billion euros to 8.2 billion euros, the groups said in a statement. - Sapa-AFP

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