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PHOTO FILE: The French high-speed train (TGV) manufactured by the French manufacturer Alstom stops next to a German high-speed train (ICE) manufactured by Siemens at the Munich train station on June 16, 2014. REUTERS / Lukas Barth / File Photo
PARIS (Reuters) – The European Union must approve the merger of the German Siemens (Germany)SIEGn.DE) and the French group Alstom (ALSO.PA), said French Finance Minister Bruno Le Maire, who said he would meet with a leading European regulator to express support for the deal.
The Mayor told the French newspaper Journal du Dimanche that he will meet the European Commissioner for Competition, Margrethe Vestager, on 21 January, to reiterate France's support for the transaction.
"Rejecting the merger between Alstom and Siemens would be both an economic mistake and a political mistake," said The Mayor in an interview published Sunday.
People familiar with the case told Reuters on Friday that Siemens' and Alstom's plan to create a European railroad champion to face a Chinese rival failed to convince EU antitrust regulators, despite German and international support. French.
The EU veto, which will be announced at the beginning of next month, could push Siemens to create its own internal rail technology division, called Siemens Mobility, while retaining a stake.
The proposed agreement between Siemens and Alstom would create the second largest global railway company with a combined turnover of around 15 billion euros (13.2 billion pounds), nearly half the size of the Chinese company CRRC (601766.SS) but twice as large as the Canadian company Bombardier (BBDb.TO).
Report by Sudip Kar-Gupta; Edited by Daniel Wallis
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