A PYMNTS Company

EU: Siemens, Alstom not seeking merger hearing

By  |  November 18, 2018

Siemens and Alstom announced on Friday, November 16, they will not seek a hearing in front of European Union regulators to address antitrust concerns about their planned rail merger.

    Get the Full Story

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

    yesSubscribe 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.

    The companies have the right to a formal hearing, but announced in a joint statement that they had submitted written answers in response to queries from the European Commission about the merger.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    They stated they were now focusing on “ongoing constructive discussions” to address concerns raised by the Commission.

    Germany’s Siemens and France’s Alstom, the maker of the TGV high speed train, agreed last year to merge their rail operations, creating a company with €15 billion (US$17.1 billion) in revenue and a workforce of 62,000.

    Siemens and Alstom announced the planned rail merger in September last year, backed by French President Emmanuel Macron, but criticized by opposition politicians amid fears of French loss of control of the TGV high-speed train.

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