Maritime Jobs
Wednesday, February 21, 2018

France Approves of Siemens/Alstom Tie-up if Jobs Spared

Posted by September 22, 2017

 France has nothing against a potential tie-up between German engineering group Siemens and Alstom if the deal does not bring job cuts, the French government's spokesman said on Friday.

Earlier on Friday, Le Monde newspaper reported Siemens was in advanced talks to combine its rail activities with Alstom in a deal that could be announced on Sept. 26.

"It is important that we can strengthen our industrial sectors ... in partnership with Germany," government spokesman Christophe Castaner told journalists in response to a question about the tie-up.

"There is no concern on the French side when big companies are working together if synergies do not come at the expense of jobs," he said.

Siemens has held tie-up talks with both Alstom and Canadian group Bombardier and had been expected to pick a preferred partner for detailed negotiations within days, a person familiar with the matter told Reuters on Thursday.

If the deal with Alstom goes through, Siemens would have a slight majority, 50 percent plus several shares, but Alstom's French CEO Henri Poupart-Lafarge would head the merged company, a source familiar with the transaction told Reuters on Friday.

But there was no decision yet for or against Alstom, the source said.

"The prospects are better with Alstom," another source with knowledge of the situation said. "Everything is still open, there's a lot of movement."

Alstom is in a stronger financial position than Bombardier, the second source said. Bombardier also wants control of the new group which was not acceptable to Siemens while Franco-German politics aligned over a Siemens-Alstom deal, the source said.

According to Le Monde, Siemens would contribute rail assets valued at 7 billion euros ($8.4 billion) in return for 45-50 percent stake in Alstom under the deal being studied.

The proposed tie-up is also being discussed between French President Emmanuel Macron's staff and their German counterparts in Angela Merkel's chancellery, Le Monde reported.

Siemens and Alstom both declined to comment.

 
Reporting by Jean-Baptiste Vey in Paris, Alexander Hübner in Munich and Georgina Prodhan in Frankfurt. Editing by Jane Merriman; Writing by Maya Nikolaeva
BombardierSiemensAngela Merkel

Featured Jobs

JOB VACANCY IN USA

CA, Suisun City, United States

Deckineer

Riverfront Development Corporation of Delaware

Crew Member

Riverfront Development Corporation of Delaware

Chief Engineer - Unlimited Steam

Premier Pacific SeafoodsSeattle, WA, United States

First Radio Electronics Technician

Military Sealift CommandNorfolk, VA, USA

Chief Radio Electronics Technician

Military Sealift CommandNorfolk, VA, USA

Chief Radio Electronics Technician (IAT)

Military Sealift CommandNorfolk, VA, USA

Ship Communications Officer

Military Sealift CommandNorfolk, VA, USA

Ship Communications Officer (IAM)

Military Sealift Command

Featured Employers

Bay Ship and Yacht

Bay Ship and Yacht Company is a modern shipyard located on the waterfront of San Francisco Bay. We p

Riverfront Development Corporation of Delaware

The General Assembly established the Riverfront Development Corporation of Delaware (RDC) to create

Military Sealift Command

The Military Sealift Command (MSC) is a United States Navy organization that controls most of the re

BW Pacific Pte Ltd

BW Pacific is a leading ship owner and operator with a substantial fleet of product tankers. The Com