Daily Digital Magazine: Pg. 5 — February 6, 2019

EU prohibits Siemens-Alstom merger

The European Commission cites competition concerns for blocking the proposed deal on Wednesday.

   The European Union blocked the merger of German rail company Siemens and French-based Alstom on Wednesday because of concerns the proposed merger could have on competition.
   The deal would have combined Siemens and Alstom’s transport equipment and service activities into a new company fully controlled by Siemens. The merger proposal planned to create a company with revenues of about 15 billion euros ($17 billion), reported CNBC.

EU prohibits Siemens-Alstom merger

The European Commission cites competition concerns for blocking the proposed deal on Wednesday.

EU prohibits Siemens-Alstom merger

The European Commission cites competition concerns for blocking the proposed deal on Wednesday.

 
Continued from previous page
   The European Union blocked the merger of German rail company Siemens and French-based Alstom on Wednesday because of concerns the proposed merger could have on competition.
   The deal would have combined Siemens and Alstom’s transport equipment and service activities into a new company fully controlled by Siemens. The merger proposal planned to create a company with revenues of about 15 billion euros ($17 billion), reported CNBC.
   In a statement, the European Commission said it received complaints from customers, competitors, industry associations and trade unions during its in-depth investigation into the deal. The commission reportedly also received negative comments from several National Competition Authorities in the European Economic Area (EEA).
   The EU’s competition authority said the proposed merger would have brought together two of Europe’s largest suppliers of various types of railway and metro signaling systems and rolling stock, which would have created an “undisputed market leader” in some signaling markets.
   “Without sufficient remedies, this merger would have resulted in higher prices for the signaling systems that keep passengers safe and for the next generations of very high-speed trains,” said EU Commissioner Margrethe Vestager, who is in charge of competition policy, in a statement. “The commission prohibited the merger because the companies were not willing to address our serious competition concerns.”
   The German and French governments both supported the merger as a counter to China’s economic rise, according to CNBC’s report.
With trade talks with China still unresolved, retailers appear to be bringing spring merchandise into the country early in case tariffs go up in March.
APL -- CMA CGM/CNC Line - CHXCNC has replaced the vessel Warnow Perch with the CMA CGM Bangkok, which has increased the service capacity by 120 TEUs or 12 percent.
Most Popular
Latest News
Social Media

Loading...

Seattle terminal $300 million upgrade recommended

Maersk to add virtual assistant to RCM platform

Embed this story

Share Code Version 1

This version will embed the story headline and includes HTML fallback protection, ensuring the story will display even if some users decide to disable javascript in their browsers.

Code:

Copy & Paste the following code to embed this story on your website.

Preview

EU prohibits Siemens-Alstom merger

The European Commission cites competition concerns for blocking the proposed deal on Wednesday.

By Jon Shumake on Feb 6, 2019AmericanShipper.com

Share Code Version 2

This version will embed the story headline without any styling applied. Use this version if you will use your own custom styling on your website. This version also includes HTML fallback protection.

Code:

Copy & Paste the following code to embed this story on your website.

Preview

EU prohibits Siemens-Alstom merger

The European Commission cites competition concerns for blocking the proposed deal on Wednesday.

By Jon Shumake on Feb 6, 2019AmericanShipper.com