Releasing its financial results, Alstom said that the merger with Siemens continues, as the Works Councils’ information and consultation procedure is currently on-going and the Business Combination Agreement is expected to be signed in the first quarter of calendar year 2018.
“We continue to progress on the Siemens Alstom deal. The signature of the Business Combination Agreement is expected in the coming period and the Alstom shareholders’ meeting for approval of the transaction should be held in July 2018,” said Henri Poupart-Lafarge, Alstom Chairman and Chief Executive Officer.
The Alstom shareholders’ meeting for approval of the transaction, including for purposes of cancelling the double voting rights, is anticipated to be held in July 2018.
Siemens has initiated the carve-out process of its mobility business in order to prepare for its contribution to Alstom. Only once all relevant anti-trust approvals have been achieved and the transaction has closed, will Alstom be able to analyse the combined two businesses in much closer detail. Alstom may then assess the opportunity to provide forward looking statements as to certain financial or non-financial key indicators.
The transaction is also subject to clearance from relevant regulatory authorities, including foreign investment clearance in France and anti-trust authorities, as well as the confirmation by the French capital market authority (AMF) that no mandatory takeover offer has to be launched by Siemens following completion of the contribution. Closing is expected at the end of calendar year 2018.
For the first nine months of 2017/18, Alstom’s sales increased by up 6%, reaching EUR 5.5 billion, compared to the first nine months of 2016/17. From April to December 2017, Alstom’s order intake reached EUR 4.9 billion and at EUR 32.8 billion on 31 December 2017, current backlog provides strong visibility on future sales, the company says.
“Alstom achieved a good commercial performance this quarter. Furthermore, sales growth over the first nine months was in line with our 2020 objectives that are confirmed,” Henri Poupart-Lafarge, Alstom Chairman and Chief Executive Officer said.
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