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2/3, 2:38 PM (Source: TeleTrader)
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Siemens-Alstom merger victim of 'absurd' EU rules - France

The merger of Siemens and Alstom will not be approved by the European Commission because of "absurd" twentieth century rules that need to be updated, French European Affairs Minister Nathalie Loiseau stated on Sunday.

The minister stated told local media: "I'm not criticising the (European) Commission for applying the rules ... But these rules are absurd and were set up in the 20th century and we're in 2019." She pointed out that France needs the merger to go through so that the company could rival big Chinese rail firms.

Earlier, it was reported that French government officials held talks with the EU to convince the Commission to allow the merger. However, Siemens boss Joe Kaeser said that Siemens' mobility has a "bright perspective" regardless of the tieup with Alstom.

Breaking the News / VP