EU competition authorities say no to the planned merger of their train operations between German conglomerate giant Siemens and French Alstom.
Reuters reports, citing sources. The idea was that the new merged company would take on China.
The merger, if the information is correct, will fall apart despite both the French and German governments having backed the merger. The EU's decision is expected to be made public early next month, according to Reuters.
According to the news agency, it could also cause Siemens to spin off its train unit, Siemens Mobility.
If the merger had gone through, the new merged company would have become the second largest in the world, half the size of state-owned Chinese CRRC. The combined turnover would have been 15 billion euros. Canadian Bombardier is also big in trains but would have been half the size of Siemens-Alstom if the merger had gone through.
Source: finwire
