EU veto of Alstom-Siemens rail tie-up would be 'economic error' - France

FILE PHOTO: French High Speed Train (TGV) made by French train maker Alstom stops next to a German High Speed Train (ICE) made by Siemens at Munich's railway station June 16, 2014. REUTERS/Lukas Barth/File Photo - Copyright Lukas Barth(Reuters)

By Reuters

Published on 21/01/2019 - 10:04•Updated 23/04/2024 - 16:11

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PARIS (Reuters) - The European Commission would make an "economic error and political mistake" if it were to block the merger of Alstom's and Siemens' rail businesses, said French Finance Minister Bruno Le Maire, shortly before meeting the EU's competition chief.

"Refusing the merger between Alstom and Siemens would be an economic error and a political mistake," Le Maire told journalists on Monday, ahead of meeting with the EU Competition Commissioner Margrethe Vestager in Paris.

"We cannot take an industrial decision for the 21st century with the competition rules from the 20th century," Le Maire added, reiterating a warning to Vestager about rejecting the merger.

(Reporting by Leigh Thomas and Myriam Rivet; Editing by Sudip Kar-Gupta)

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