EU: Mergers To Create Megacompanies Will Have To Wait
MIN READFeb 6, 2019 | 20:56 GMT
France and Germany's push to create large European companies that can go toe-to-toe with global competitors has hit a wall. On Feb. 6, EU Competition Commissioner Margrethe Vestager said that Brussels would block a planned French-German merger between rail companies Alstom and Siemens, arguing that the plan is incompatible with the bloc's antitrust rules and could lead to higher prices for European consumers. In response, German Economy Minister Peter Altmaier called for Europe to better defend its interests against global competition. French Finance Minister Bruno Le Maire said Vestager's decision was an economic mistake that would benefit China, where companies often have deep linkages with the state and regularly receive significant state backing....