Alstom’s board of directors was set to meet on Monday to “review and resolve” the latest updated bids for its energy assets.

This followed the emergence of an updated offer from US-based General Electric (GE) and the proposal from German company Siemens and Tokyo-headquartered Mitsubishi Heavy Industries (MHI) as the trio made a play for France-headquartered conglomerate Alstom’s power business.

MHI and Siemens on Friday submitted a simplified offer for the proposed transaction to Alstom, which hiked the cash contribution to €14.6-billion.

GE’s €12.35-billion valuation bid remained unchanged, but included two 50:50 joint ventures (JVs) in grid and renewables, and a global nuclear and steam alliance.

According to reports by newswire Reuters, the 50:50 nuclear alliance would see the French government holding a preferred share giving it veto and other governance rights over issues related to security and technology of nuclear plants.

MHI and Siemens reviewed their proposal, reducing complexity, strengthening execution and narrowing risk exposure, which resulted in a simplified structure, adding an additional cash contribution of €1.2-billion to €8.2-billion.

“The specified proposal continues to preserve Alstom's current perimeter in almost all its activities, enhances its industrial sustainability [and] strengthens its financial structure, enabling it to be a €20-billion revenue French-listed group,” Siemens said in a statement.

MHI, which initially aimed to create three JVs from the buy-out of 40% of Alstom's steam and nuclear business, and 20% stakes in both the grid and hydro businesses, now planned to acquire a 40% stake in the combined steam, grid and hydro businesses of Alstom.

The cash contribution from MHI would jump €800-million to €3.9-billion.

“This amendment will significantly simplify the implementation of the transaction, as this investment may now be undertaken through one single holding company,” Siemens noted.

Siemens had also increased its cash offer by €400-million to €4.3-billion for 100% of Alstom's gas business, including related service contracts.