Siemens and Mitsubishi promised their proposal would "preserve Alstom's current perimeter in almost all its activities, enhance its industrial sustainability, strengthen its position as a diversified global player in energy and transport, and strengthen its financial structure, while remaining a major French listed group."
French President Francois Hollande, who has said GE's offer is not good enough, said he would meet with the CEOs of both Siemens and Mitsubishi on Tuesday to discuss their proposal.
While the French government finds GE appealing because of its longtime presence in France, it has tried to have other potential suitors, like Siemens and Mitsubishi, make more appealing offers.
A ranking French official said in April that the French priority in all matters is jobs, energy independence and keeping companies on French soil.
In addition to the cash transaction, Siemens said it would offer job guarantees for three years in France and Germany for the transferred business, and would establish its European headquarters for the combined gas service business in France.
Siemens also indicated that following the closing of the deal, it would eventually "be prepared to become a long-term anchor shareholder in a combined transport business."
Siemens is a huge company with 359,000 employees worldwide that makes everything from gas- and wind-powered turbines to trains, medical imaging devices, factory machines and security equipment.
Mitsubishi Heavy is Japan's largest heavy machinery maker with $32 billion in annual revenue. It produces ships, engines, nuclear power plants and arms for Japan's defense ministry.