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EU moves decision on Siemens-Alstom merger to January 2019

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EU moves decision on Siemens-Alstom merger to January 2019

The European Commission has set Jan. 28, 2019, as the deadline to decide on the approval of the proposed merger of Siemens AG's mobility business, including its rail traction drives business, with Alstom SA, the Financial Times reported Sept. 7.

The commission has restarted the process after postponing it in August, according to the report. The EC had previously set Nov. 21 as the deadline for its decision.

Previously, EU competition commissioner Margrethe Vestager noted that the commission intends to assess whether the merger would deprive European rail operators of a choice of suppliers and innovative products, and lead to higher prices.

Siemens and Alstom will have until December to offer certain commitments or divestments in response to the concerns of the commission, according to the news outlet.

Under the deal, Siemens will receive newly issued shares in the combined company representing 50% of Alstom's share capital on a fully diluted basis. Global headquarters and the management team for rolling stock will be in the Paris area, and the combined entity will be listed in France.