Siemens, Alstom Combo Inches Closer

By Jack Burke30 May 2018

The combination of Siemens’ mobility business and Alstom has moved a bit closer.

The French Ministry for Economy and Finance has granted Siemens authorization under the decree relating to foreign investment in France. Also, the French financial markets authority (AMF) granted Siemens an unconditional exemption from the mandatory filing of a tender offer following the completion of the contribution of its mobility business, against newly issued shares in the combined company representing 50% of the share capital of Alstom on a fully diluted basis. These authorizations are key milestones in the proposed combination, the companies said

After those moves, the Board of Directors of Alstom approved convening of a special shareholders’ meeting and draft resolutions relating to the proposed combination. The meeting will be July 17.

In September 2017, Siemens and Alstom signed a Memorandum of Understanding to combine Siemens’ mobility business including its rail traction drives business with Alstom. The transaction brings together two innovative players of the railway market with unique customer value and operational potential. The two businesses are largely complementary in terms of activities and geographies. Siemens will receive newly issued shares in the combined company representing 50 percent of Alstom’s share capital on a fully diluted basis.

The companies said at the time their businesses were largely complementary.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Diesel Gas & Turbine News; News features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
CONNECT WITH THE TEAM
Jack Burke Senior Editor, Diesel Gas Turbine Tel: +1 262 754 4150 E-mail: jack.burke@khl.com
Gabriele Dinsel Sales Manager Tel: +49 711 3416 74 71 E-mail: gabriele.dinsel@khl.com
CONNECT WITH SOCIAL MEDIA
Latest News
ABB to turbocharge first ME-GA engines
ABB Turbocharging to deliver A200-L turbochargers for six new liquefied natural gas (LNG) carriers
Freudenberg’s simulation software helps operators optimize air filtration
Company’s e.FFECT can help configure filtration systems
1.1 GW plant now in operation
Plant managed by Advanced Power