12/12/2018, 8:36 AM (Source: TeleTrader)
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Siemens, Alstom offer merger remedies to EU

Siemens AG's and Alstom SA said on Wednesday they are submitting a package of measures to alleviate antitrust concerns about their giant rail and signaling merger. The European Commission officially warned on October 29 that the new entity may put competitiveness at risk.

The two engineering powerhouses said their offer is also aimed at "preserving the industrial and economic value of the deal." The remedies "include mainly signaling activities as well as rolling stock products," according to the announcement. The plan for apparent divestments, as the press release provides little detail, concerns assets equivalent to 4% of total turnover.

Siemens agreed to purchase Alstom amid an expansion of Chinese manufacturers of trains. Regulators are due to reach a decision by February 18.

Baha Breaking News (BBN) / IT