Siemens Lures France With Alstom Bid That Unites Rivals

Seven weeks after General Electric Co. offered to buy Alstom SA’s energy assets, its biggest rival Siemens AG bounced back with a bid intended to seduce the board -- and the French state -- with the added financial support of two of Japan’s largest industrial companies.

Siemens Chief Executive Officer Joe Kaeser made a counteroffer yesterday, seeking to carve up the French manufacturer’s energy and transportation assets with Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. The overture seeks to trounce General Electric Co.’s original $17 billion proposal to buy Alstom’s energy unit, in what would be GE CEO Jeffrey Immelt’s biggest deal that builds a bridgehead in the country neighboring his closest rival.