2/6/2019, 7:00 AM (Source: TeleTrader)
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EC to reject Siemens-Alstom merger - reports

The European Commission will veto the proposed Siemens-Alstom merger after months of negotiations and investigations, sources familiar with the matter told AFP on Wednesday.

The reported veto aroused the ire of France and Germany, both of which were vocal in campaigning for a European rail conglomerate to rival that of China's. The news followed a week in which EC President Jean-Claude Juncker said that Brussels did not unnecessarily block European corporate mergers before Alstom CEO Henri Poupart-Lafarge stated that the EC would in all likelihood block the merger.

The two companies had previously offered the EC a package of remedies to alleviate their concerns about the deal. In addition, French Finance Minister Bruno Le Maire recently met European Commissioner for Competition Margrethe Vestager for talks on the matter.

Breaking the News / DZ