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18 January, 2019 00:00 00 AM
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Siemens, Alstom raise doubts about mega merger

AFP, Munich

Confidence that the politically sensitive merger of their rail businesses would be waved through by the European Commission was ebbing at both Siemens and Alstom yesterday.

A source at German group Siemens said Brussels had posed "insurmountable" demands for concessions that the groups would not make.

Meanwhile Alstom, maker of France's iconic TGV trains, said there was "no certainty" the companies could mollify the Commission.

Both Paris and Berlin have thrown their weight behind the proposed Siemens-Alstom tie-up, saying the arrival of Chinese giant CRRC on the global market will put European manufacturers in the shade.

It would be "an economic mistake and a political failing", as well as a "negative signal to the peoples of Europe" to block the merger, French government spokesman Benjamin Griveaux said Wednesday.

If approved, the merger would create a rail behemoth with operations in 60 countries and annual turnover of 15.6 billion euros ($17.8 billion).

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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