1/30/2019, 10:29 AM (Source: TeleTrader)
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Siemens boss has options other than Alstom merger

Joe Kaeser told the press that Siemens AG's mobility unit has a bright perspective even if European regulators forbid the tieup with French Alstom SA. Speaking after the German engineering titan revealed its profits halved in the past quarter year on year, the chief executive said the merger won't be pursued "at any cost" and hinted at taking another direction, but stressed it is "a very balanced concept."

Both units are very competitive as they are, he claimed. The European Commission set a February 18 deadline to make a decision. Information leaked to the public indicated the concern about competition in the European Union may prevail.

Kaeser acknowledged the companies have no more concessions to offer for the transaction which would lead to the unification of the trains and signaling business. Last week they suggested selling assets in the signals sector and provide long-term licenses. The CEO said the future of mobility in the continent would be decided on either by "backward-looking technocrats" or "forward-looking Europeans."

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