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1/21/2019, 10:28 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

Le Maire, Vestager hold talks on Siemens, Alstom merger

French Finance Minister Bruno Le Maire is meeting European Commissioner for Competition Margrethe Vestager today for talks on the merger between Siemens AG and Alstom, media reported. Le Maire pointed out, before meeting with Vestager, that Brussels would make an "economic error and political mistake" if it doesn't approve the merger. "We cannot take an industrial decision for the 21st century with the competition rules from the 20th century," the official pointed out.

Meanwhile, representatives of Alstom trade unions are set to meet Vestager later in the day to discuss the merger. The meeting is scheduled just days ahead of the EU's set deadline for the merger approval. Last week, reports emerged that the two companies cannot offer any more concessions to Brussels as a response to the EU's concerns that the merger would dominate the very high speed train market in Europe.

On the other hand, the two companies' agreement has political support in both Germany and France, where it is believed the merger would allow European rail companies to better deal with foreign competition, mainly Chinese CRRC.

Breaking the News / SS