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1/17/2019, 11:43 AM (Source: TeleTrader)
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Siemens-0.24%

116.82
Chart for: SIEMENS AG  NA O.N.

Alstom-0.13%

45.400
Chart for: ALSTOM

Siemens, Alstom won't offer more concessions - reports

Siemens and Alstom will not offer Brussels any more concessions in their quest to have their merger approved, the Financial Times reported on Thursday citing people familiar with the matter.

Recent reports had suggested that the two companies were working on making the deal more tantalizing for European regulators in order to with their approval prior to the stated February 18 deadline. However, sources familiar with the matter rejected this notion, telling the Financial Times that the current offer was couched in "thumbs up or thumbs down" terms. Another source added that Brussels was concerned that the proposed conglomerate would dominate the "very high speed" train market in Europe, which in its current form hardly existed.

Germany's competition watchdog informed the European Commission in a recent letter that it shares the latter's concerns over the proposed Siemens-Alstom merger. The two companies had previously offered regulators a package of remedies to alleviate their concerns about the deal.

Breaking the News / DZ