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FRANKFURT, June 16 (Reuters) - German engineering group Siemens and Japan's Mitsubishi Heavy Industries (MHI) on Monday presented a joint offer to France's Alstom that includes a 7 billion euro ($9.53 billion) cash element and competes with an offer by General Electric.
Under the proposed deal, Siemens would buy Alstom's gas business, while MHI would set up three joint ventures, inject cash into Alstom and take a direct stake of up to 10 percent in the French firm.
Siemens said it also planned to discuss the possibility of creating a "strong European Champion" by creating a combined rail business with Alstom.
$1 = 0.7345 Euros Reporting by Maria Sheahan; Editing by Jonathan Gould