Although the closing of the transaction was expected for the end of calendar year 2018, on June 8, Alstom has announced that the combination with Siemens’ mobility business could be delayed until the first half 2019. “Due to extended pre-filing preparations and data gathering efforts in multiple countries, a resulting delay of a few months leading to an expected closing date during first half of calendar year 2019 cannot be excluded,” Alstom says.
On June 8, Siemens and Alstom have jointly filed the application for merger control clearance with the European Commission. The European Commission for Competition will announce in July if will authorize or not the companies’ merger.
The transaction is subject to the approval of Alstom shareholders at the company’s Shareholders’ Meeting, to be convened on July 17, 2018, and the approval of competition authorities.
We remind you that at the end of May French Ministry for the Economy granted Siemens foreign investment clearance. The Autorité des Marchés Financiers (AMF) also 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 September 2017, Siemens and Alstom have signed the MoU to combine Siemens’ mobility business including its rail traction drives business with Alstom.