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European Community blocks Siemens-Alstom merger
Hat tip, the Financial Times, but they're subscription-only.
February 06, 2019
EC blocks Siemens-Alstom merger
Written by Keith Barrow, Senior Editor, International Railway Journal
The European Commission (EC) announced Feb. 6 that it has blocked the merger of Siemens Mobility and Alstom on the grounds that the two companies have failed to address its concerns over competition on the markets for signaling and high-speed rolling stock.
The two companies confirmed immediately after the Commission’s announcement that the merger will not go ahead.
The decision to reject the merger follows an in-depth investigation launched in July 2018 that considered more than 800,000 documents. During the investigation, the EC received complaints from customers, competitors, national competition authorities, industry associations and trade unions, many of whom expressed concern over the impact on the signaling and high-speed markets.
Last October, the Commission invited the two suppliers to respond to a Statement of Objection outlining its concerns. Siemens and Alstom subsequently put forward remedy packages in a bid to secure EC approval.
....
More on this topic: Siemens-Alstom merger in doubt as objections mount.
EC blocks Siemens-Alstom merger
Written by Keith Barrow, Senior Editor, International Railway Journal
The European Commission (EC) announced Feb. 6 that it has blocked the merger of Siemens Mobility and Alstom on the grounds that the two companies have failed to address its concerns over competition on the markets for signaling and high-speed rolling stock.
The two companies confirmed immediately after the Commission’s announcement that the merger will not go ahead.
The decision to reject the merger follows an in-depth investigation launched in July 2018 that considered more than 800,000 documents. During the investigation, the EC received complaints from customers, competitors, national competition authorities, industry associations and trade unions, many of whom expressed concern over the impact on the signaling and high-speed markets.
Last October, the Commission invited the two suppliers to respond to a Statement of Objection outlining its concerns. Siemens and Alstom subsequently put forward remedy packages in a bid to secure EC approval.
....
More on this topic: Siemens-Alstom merger in doubt as objections mount.
