Thursday , August 5 2021

Germany and France want to save the merger Siemens / Alstom

Munich / Paris (APA / Reuters) – Germany and France want to save the failure of the merger of the Siemens rail technology division with French competitor Alstom. "The talks are in & # 39; important phase, and we will do everything they can & # 39; to give a chance to this project," said Minister & # 39; German Economy Peter Altmaier Reuters on Monday, at the side of the DLD Conference on Digital Economy in Munich.

Previously, the Minister of the French Finance Bruno Le Maire reaffirmed in & # 39; Paris the project m & # 39; should fail because of concerns about the Commission's competition & # 39; EU.

"We need international champions from Europe who are able to compete globally. That's what they're advocating, and I am committed to this," said Altmaier, which is expected afternoon meeting with Siemens Joe Kaeser CEO at headquarters & # 39, Munich. Meanwhile, Le Maire meet & # 39; with EU Competition Commissioner Margrethe Vestager f & # 39; Paris. The French minister reiterated the veto by the Commission as "economic error and a political mistake". Vestager expressed serious concern about the merger but has not issued a decision. According to insiders, the Commission of the EU has announced its refusal on 6 February.

The manufacturer of the ICE Siemens and train manufacturer of TGV & # 39; speed have been struggling for months with the European Commission. Companies argue with & # 39; increasing competition from the world market leader CRRC from China. They offered the Commission to sell parts of a signaling business and to provide technology for the construction of & # 39; & # 39 trains; speed competition. According to company sources, Siemens recently refused further concessions requested by Vestager.

~ ISIN DE0007236101 WEB ~ APA262 2019-01-21 / 13: 38

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