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Siemens Offers Alstom Asset Swap as Immelt Meets Hollande

Siemens AG proposed French rival Alstom SA a deal to swap train and energy assets to beat an offer from General Electric Co., according to people familiar with the matter.

Under the plan, Alstom would get some of Siemens’s transport assets and an additional cash payment in exchange for its power business, the people said, asking not to be named as the matter is not public. Siemens is willing to match or beat the financial terms of GE’s binding offer -- which values Alstom at about $13 billion -- and make guarantees for jobs, management positions and locations, they said.