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French finance ministry clears merger of Alstom, Siemens' mobility business

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.