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The shareholders of the French train manufacturer Alstom have approved the merger with the German competitor Siemens. The general meeting approved by a large majority the proposed merger with Siemens Zug division.
The manufacturer of ICE Siemens and the TGV manufacturer Alstom want to withstand strong competition from China. For several years, the Chinese CRRC train giant is heavily involved in the global race to train orders
The European Commission's approval for the Franco-German merger is still pending, the Guard said Friday competition. However, Siemens and Alstom plan to be able to run the business before mid-2019. The new company would reach more than 15 billion euros in turnover and 62,300 employees.
Criticism in France
Siemens is expected to get a slim majority in the new European giants of the industry, which has prompted some criticism in France. A representative of the employee shareholders is expressed at the AGA of an "unbalanced merger". Before the meeting, French trade unionists distributed leaflets calling for a rejection of the merger.
Henri Poupart-Lafarge, boss of Alstom, who will also lead the future company Siemens Alstom, defended the merger: "It is to create a technological leader, The train market is in the process of to globalize, requiring more sites and more investments. Both companies are doing well – this is creating a "big push". The companies had announced the alliance in the fall.
Headquarters near Paris
The General Assembly of Alstom also elected the former German Minister of Economy and Foreign Affairs, Sigmar Gabriel, to the Board of Directors. 39, administration of the future society. The personality was already known in May. The former SPD leader can start his new job at the earliest one year after leaving the federal government, namely in March 2019 – that is the usual grace period. However, as the finalization of the merger has been delayed compared to the original plans, it is unlikely that the new company will begin before that date.
The head office will be located near Saint-Ouen near Paris. The combined company will continue to be listed on the Paris Stock Exchange
Up to now, Siemens and Alstom have been competing fiercely for express, regional, suburban and signaling technology. The European Commission therefore wishes to examine precisely whether competition would be hampered and whether prices could rise to the detriment of millions of railway customers. Poupart-Lafarge said that this more in-depth review was not a surprise to anyone in such a complex agreement.
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