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2/6, 12:07 PM (Source: TeleTrader)
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Siemens CEO: EU needs industrial policy reform

Joe Kaeser, CEO of Siemens AG, said on Wednesday that the decision by the European Commission to block the acquisition of the French rail transportation company Alstom SA by on competition protection grounds shows that the bloc needs to reform its industrial policy and regulation.

He stressed that, with the current policy, the EU is not on "level playing field" with China.

The EC decided to block the merger between Siemens and Alstom SA saying the companies failed to address EU's competition concerns. It also found concerns about the potential competition from China to be unfounded.

Breaking the News / NI