France's Alstom gets approval from the European Commission to buy Canada's Bombardier Transport.
The European Commission gave French engineering giant Alstom the green light to buy Canadian train-maker Bombardier Transport on Friday, July 31, a year and a half after blocking a mega-merger with Germany's Siemens.
"Going forward, a stronger combined Alstom and Bombardier entity will emerge," European Union competition commissioner Margrethe Vestager said. "The dialogue with Brussels has been extremely fluid, extremely rapid since we announced the transaction with Bombardier in February, so 5 months later we have the decision," he stressed.
Before these concessions, the new group would have had a turnover of 15.5 billion euros per year and 76,000 employees.Had the European Commission been worried that the project might have had hurt competition, it could have launched a more detailed investigation, which would have lasted about 4 months.
The threat of Chinese competition had already been cited as a reason for Siemens' planned takeover of Alstom, which was blocked by the commission in February 2019.The EU should not help to create"fed and pampered" industrial champions, but let competition drive innovation, Vestager had argued.
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