Siemens is “willing to make concessions” to gain EU approval for its railway merger with Alstom but it “will find other solutions” if the deal to create a European champion does not materialize.
Joe Kaeser, chief executive of the German company, said the merger of the two groups made economic sense, but there were options should antitrust regulators quash the deal. “We were willing to make concessions, that still holds true,” he added.
A reporter asked Mr. Kaeser if he was angry the deal was being stonewalled by regulators, but he replied that if anything he was relaxed.
His focus for the time being is on dialogue with the antitrust authorities, as “certain interests must be reconciled.” But he said if the deal did not happen it would be OK. “We think it’s the best solution; if it doesn’t materialise we will find other solutions.”
Discussions between the companies and EU antitrust officials are ongoing.
Siemens and Alstom have until mid-December to offer remedies that address the EU’s concerns and EU Competition Commissioner Margrethe Vestager has until late January to decide on the deal.
Ms Vestager is worried that the merger will deprive European rail operators of a choice of suppliers and spark price rises that would ultimately harm consumers.
EU officials detailed their concerns to the parties last week, raising expectations that the companies will have to sell substantial assets in order to secure the EU’s approval.
The merged company would be
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