A PYMNTS Company

EU: Vestager urges higher defense in competition with China

By  |  January 17, 2019
EU: Vestager urges higher defense in competition with China

According to a report by the Financial Times, Commissioner Margrethe Vestager has urged the EU to ramp up its defences against the economic threat posed by Chinese state-owned enterprises while defending the competition rules that would allow her to block a rail merger that Paris sees as essential to countering Beijing’s ambitions.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    According to documents seen by the Financial Times, Margrethe Vestager warned fellow members of the European Commission on Tuesday, January 15, that the bloc’s antitrust rules should not be ignored to allow the planned merger of France’s Alstom with Germany’s Siemens railway division, despite warnings from Paris and Berlin that the tie-up is needed to build a rival to Chinese trainmaker CRRC.

    However, Ms Vestager is unconvinced that the Chinese will sell trains in Europe in the foreseeable future and is bound by antitrust rules to block the deal unless the companies offer to sell off significant high-speed rail assets.

    Full Content: Financial Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.