Germany’s electronics giant Siemens and the maker of France’s high-speed TGV trains, Alstom, signed an agreement on Friday, March 23, that will see the creation of a European company to rival China’s market-leading state-owned rail giant.
The accord sets the conditions for combining Alstom with Siemens Mobility, the German firm’s rail and infrastructure division.
“We have reached an important milestone on the way to building a new leader capable of tackling the challenges of tomorrow’s mobility,” said Henri Poupart-Lafarge, the chief executive of Alstom, who will be the new company’s CEO.
Siemens will control 50% of Alstom immediately but will be blocked from taking a bigger than 50.5% stake for the four coming years.
Full Content: The Local
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