Franco-German plans to create a rail company able to rival Chinese competitors hit roadblocks Wednesday, October 31, when the EU’s competition authority listed objections to a planned merger, reported the Wall Street Journal.
The European Commission told Germany’s Siemens and France’s Alstom the bloc’s two largest train makers, that their planned merger is problematic because it would quash competition in the supply of trains and signaling systems.
“I can confirm we received the letter,” said Siemens spokesman Richard Speich, adding it would take the company some time to study all the objections and come up with remedies before a final decision is taken by January 28.
Full Content: Wall Street Journal
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