Siemens, Al­stom to merge rail units

India Business Journal - - GLOBAL WRAP-UP -

Siemens and Al­stom have agreed to merge their rail busi­nesses. The merger deal brings to­gether former archri­vals from Ger­many and France to cre­ate a Euro­pean trans­porta­tion gi­ant aimed at coun­ter­ing com­pe­ti­tion from China. Siemens will trans­fer its rail busi­ness to Al­stom in ex­change for a stake of just above 50 per cent in the en­larged com­pany. The re­named Siemens Al­stom, with sales of about 15.3 bil­lion euros, will re­main based in Paris. Al­stom CEO Henri Poupart-La­farge will keep his po­si­tion and the chair­man will be named by Siemens.

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