By Arno Schuetze and Allison Lampert, Reuters, September 28, 2017
FRANKFURT/MONTREAL (Reuters) – Canada’s Bombardier Inc (BBDb.TO) missed out on a merger of its rail unit with Germany’s Siemens (SIEGn.DE) because of a reluctance by Siemens to cede control of its business, allowing France’s Alstom (ALSO.PA) to clinch a deal with the German firm, with help from new French president Macron, three sources close to the negotiations told Reuters.
Siemens and Alstom announced a merger of their train manufacturing operations on Tuesday, leaving Bombardier competing in a market dominated by China’s state-owned CRRC Corp (601766.SS), the world’s largest train maker. The combined Siemens and Alstom group will become the second biggest.
Click here to read the full story.