The French Ministry for the Economy and Finance granted Siemens AG a foreign investment clearance in connection with the merger of the German conglomerate's mobility business with France-based rail transport firm Alstom SA.
The combination includes Siemens' rail traction drive business. Siemens will receive newly issued shares in the combined company representing 50% of Alstom's share capital on a fully diluted basis.
France's financial markets regulator, the Autorité des Marchés Financiers, also granted Siemens an exemption from the mandatory filing of a takeover offer for the remaining shares of the new company after completion of the deal.
