siemens and alstom on brink of rail merger report
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Siemens and Alstom on brink of rail merger: report

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleSiemens and Alstom on brink of rail merger: report

The world-famous French TGV would be part of an Alstom-Siemens merger
Berlin - Muslimchronicle

France's Alstom and Germany's Siemens have a deal ready to sign that would merge their rail businesses in the face of Chinese competition, German business daily Handelsblatt reported Monday.

Alstom, which makes the French TGV high-speed train, confirmed Friday that it was talking to Siemens about a possible railway tie-up, but said no decision had been taken.

Handelsblatt however, citing "insiders" familiar with the deal, said Monday the two groups have overcome past reservations about a joint venture with a "balanced agreement acceptable to both sides.

But Siemens has also been courting Canadian firm Bombardier, whose European operations are based in Berlin, and the two companies have their own detailed plan for two joint ventures covering rolling stock and signalling.

The Munich-based group's supervisory board is set to meet Tuesday to discuss the two options, Handelsblatt reported, while Alstom's executive board will also meet.

- Waiting for board meetings -

Both companies declined to comment on the report when contacted by AFP, but a source familiar with the talks backed it up, adding that the firms would make a statement on their plans once the boards have met.

Siemens and Alstom discussed a rail tie-up in 2014-15, but the French firm decided in the end to partner with General Electric, selling its energy division for 9.5 billion euros ($11.3 billion) to become a rail specialist.

A joint venture would bring together the engineering giants that make their countries' flagship high-speed trains, including the world-famous TGV.

Siemens would hold the presidency of the supervisory board under the plans, leaving Alstom chief Henri Poupart-Lafarge in place as chief executive.

The German firm brings in 7.8 billion euros of revenue annually from rail, while Paris-based Alstom boasts sales of 7.3 billion euros.

Combined, they would be more of a match for the 18.1 billion euros in revenue at Chinese giant CRRC, which is eyeing Skoda Transportation in the Czech Republic as a potential foothold in Europe.

Handelsblatt reported that European authorities were expected to smile on the deal as it would create an EU-based champion on global markets.

French government officials under President Emmanuel Macron are especially keen on creating an "Airbus for rail", and according to media reports have pushed for the idea in talks with their opposite numbers in Berlin.

French business daily Les Echos reported last week that Paris recently sent an envoy to meet with Chancellor Angela Merkel.

Before winning a fourth term in office Sunday, Merkel gave her "green light" to deepen the discussions, the French daily reported.

A Franco-German deal would limit competition concerns in Germany compared with a Siemens-Bombardier tie-up -- and mean fewer politically difficult job cuts, according to Handelsblatt.

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

siemens and alstom on brink of rail merger report siemens and alstom on brink of rail merger report

 



Themuslimchronicle, themuslimchronicle

GMT 09:23 2017 Wednesday ,19 April

1105 food baskets distributed in Yemen

GMT 09:35 2018 Monday ,08 January

Trump marijuana policy reversal stokes fears

GMT 11:09 2017 Saturday ,16 December

Russia poses risk to undersea cables: UK defense chief

GMT 09:56 2017 Thursday ,02 November

Digital subscriber gains rev up NY Times profit

GMT 01:38 2016 Thursday ,29 December

Iraqi President meets Kuwaiti Foreign Minister

GMT 17:37 2017 Tuesday ,21 February

Le Pen refuses to wear veil, fails to meet with Mufti

GMT 01:48 2016 Monday ,13 June

Pioneering solar pilots 'make sci-fi a reality'

GMT 18:45 2016 Wednesday ,21 December

Several Qaeda militants killed in drone strike

GMT 07:28 2018 Thursday ,11 January

As US freezes aid, Pakistan dismisses economic fears

GMT 11:14 2017 Sunday ,12 March

My video is flagrant but smashed the charts

GMT 09:21 2018 Wednesday ,10 January

unveils London boutique and appoints MG Empower

GMT 07:48 2018 Thursday ,04 January

L’Oréal Professionnel unveils Alexa

GMT 07:41 2017 Saturday ,19 August

Brief tourism impact from Spain attacks

GMT 00:02 2017 Friday ,22 December

UK-Iranian prisoner could be released

GMT 21:53 2016 Tuesday ,14 June

Israeli tech second only to Silicon Valley

GMT 00:25 2017 Friday ,27 October

Ex-HSBC executive can face US extradition: UK court

GMT 07:44 2017 Wednesday ,20 September

Iran asks award-winning film-maker to report to prosecutor

GMT 10:34 2017 Saturday ,11 November

Politics free? Even country music awards poke Trump

GMT 07:59 2017 Sunday ,17 December

Embassy in London marks Accession, National Days
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle