Daily Digital Magazine: Pg. 9 — February 7, 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.

My fear is that we could have another cycle where freight pulled forward and that we have an extremely early peak this year.

The Port of Virginia handled 240,035 TEUs in March, which was its second-busiest March despite a 4.8 percent year-over-year decrease.

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BIS and Census penalties increase

The Bureau of Industry and Security and Census Bureau have raised their civil penalty amounts for various export control and trade statistics violations.

Feb 07, 2019 on Dec 27, 2018AmericanShipper.com