Siemens AG offered French rival Alstom SA a deal to swap train and energy assets to beat a rival proposal 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 offer and make guarantees for jobs, management positions and locations, according to the people.

A deal between Siemens and Alstom would create two leading European entities in the energy and train industries and help to address concerns by the French government about GE’s proposal. The U.S. company’s offer to buy Alstom’s energy assets, which generates more than 70 percent of sales, would leave the French rival with a smaller train unit.

Alstom is of strategic importance for France and the government wants to examine all the options, Industry Minister Arnaud Montebourg said in an e-mailed statement. He said Siemens’s proposal would make the German company an “energy champion” and Alstom a “transport champion.”

The minister postponed a meeting with GE Chief Executive Officer Jeffrey Immelt that was scheduled for today. Alstom’s board will meet today to discuss the proposals from both GE and Siemens, one of the people said.

Prime Minister Manuel Valls has tasked Montebourg with conducting discussions about Alstom, in which the state has no direct stake. The government is keen to preserve a company with a market value of 8.3 billion euros ($11.5 billion) and considered a crown jewel after the state saved it from bankruptcy a decade ago.

Siemens said it’s willing to discuss “strategic opportunities” with Alstom as an alternative to a GE deal, declining to comment further. Siemens would also consider a straight-up purchase of Alstom’s energy assets comparable to GE’s proposal, one of the people said. Alstom declined to comment.