Siemens: tries to satisfy Commission with Alstom
(CercleFinance.com) - According to the Financial Times (FT), Alstom and Siemens have proposed concessions to the European Commission for approval of their proposed merger of their rail businesses.
Last week both groups seem to have offered to sell some of their oldest high-speed technologies (Valero, Pendolino, ed.) and signaling activities to obtain the approval from the European competition authority, writes the FT. These businesses represent sales of approximately 600 million euros, or 4% of the total for Siemens Mobility/Alstom.
Although Paris and Berlin support this "deal," which responds to the CRRC constitution, the Commission seems unconvinced of the danger posed by China's rail giant. In the meantime, it appears to still be worried about reduced competition in Europe, and therefore would want more concessions. The FT concludes that the final decision is scheduled for 18 February 2019.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Last week both groups seem to have offered to sell some of their oldest high-speed technologies (Valero, Pendolino, ed.) and signaling activities to obtain the approval from the European competition authority, writes the FT. These businesses represent sales of approximately 600 million euros, or 4% of the total for Siemens Mobility/Alstom.
Although Paris and Berlin support this "deal," which responds to the CRRC constitution, the Commission seems unconvinced of the danger posed by China's rail giant. In the meantime, it appears to still be worried about reduced competition in Europe, and therefore would want more concessions. The FT concludes that the final decision is scheduled for 18 February 2019.
Copyright (c) 2018 CercleFinance.com. All rights reserved.