France issues authorizations under Siemens Alstom merger

New milestone was reached within the proposed combination of Siemens’ mobility division and Alstom as French authorities issued authorizations. On May 28, the French Ministry for the Economy and Finance has granted Siemens foreign investment clearance. The authorization was issued under the decree relating to foreign investment in France. The Ministry can restrict or prohibit foreign investments in specified industries in France.
One day later, Autorité des Marchés Financiers (AMF), the French financial markets authority, granted Siemens an unconditional exemption from the mandatory filing of a takeover offer for the remaining shares of the new company after completion of the deal.
In addition, Alstom has announced that during the meeting of 30 May, the Board of Directors approved the convening of the Ordinary and Extraordinary Shareholders’ Meeting and the draft resolutions relating to the proposed combination. Also, within Special Meeting of holders of shares with double voting rights a draft resolution will be submitted which will cancel the double voting rights. The meetings will be held on 17 July 2018.
We remind you that on March 23, the two companies entered into a Business Combination Agreement regarding the proposed combination of Siemens’ mobility business, including its rail traction drive business, with Alstom.
Another milestone under the proposed combination was announced on May 15, when all eleven members Siemens Alstom’s future Board of Directors were unveiled.