Siemens steels itself for EU rejection of rail merger with Alstom
Company will not pursue the deal at all cost and instead make new plans for its trains business, CE says
Munich — Siemens will accept defeat if the EU rejects its pleas to allow it to combine with Alstom to create a powerful Franco-German rail business. Having offered a series of concessions to answer competition concerns, Siemens will not pursue the deal at all cost and instead make new plans for its trains business, CEO Joe Kaeser said before the German company’s annual meeting in Munich on Wednesday. The engineering company wants to create a European rail champion to compete with China’s state-owned CRRC but its ambitions have run into opposition from EU regulators concerned about the impact on train operators. “We are not bitter, we are not angry at all. We have different options. If it works it will be good for Europe, Siemens, Alstom, and for customers,” Kaeser said. “If not, we will continue to lead in mobility as we have before,” said Kaeser who nevertheless appeared to be resigned to the merger being rejected. The EU Commission is due to announce its decision by February 18, w...
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