German Economy Minister Peter Altmaier said on Tuesday that he did not favor getting ministerial approval for deals such as the proposal to merge Siemens and Alstom’s rail businesses to better compete in Europe and...
GE to complete spin off of transportation unit on February 25
General Electric Co said on Monday it expects to close the merger of its transportation business with Wabtec Corp on Feb. 25 and set a record date for distribution of shares. GE announced last year that it would merge...
South Korea Shipbuilder Daewoo rallies as rival Hyundai eyes stake
South Korea’s Hyundai Heavy Industries Group is interested in buying a stake in cross-town rival Daewoo Shipbuilding & Marine Engineering Co Ltd, a Hyundai official said, sending shares of Daewoo rallying as much as...
EU reviewing last-minute concessions from Siemens and Alstom on rail deal
The European Commission is reviewing last-minute changes from Alstom and Siemens aimed at getting a green light for the planned merger of their rail activities, EU Competition Commissioner Margrethe Vestager told...
EU competition chief signals caution over Siemens-Alstom rail merger
Europe’s competition commissioner has signaled her scepticism about the merger of Siemens’s (SIEGn.DE) and Alstom’s (ALSO.PA) rail businesses by describing both companies as world champions that can compete globally...
EU to derail Siemens, Alstom’s European champion plan – sources
Siemens (SIEGn.DE) and Alstom’s (ALSO.PA) plan to create a European rail champion to take on a Chinese rival has failed to win over EU antitrust regulators despite German and French backing, people familiar with the...
Why Siemens-Alstom rail merger is creating tensions in Europe
Germany’s Siemens and France’s Alstom agreed in 2017 to merge their rail assets, hoping to create a European industrial champion. But the EU’s competition authority has doubts about the deal and could...
Siemens, Alstom offer to sell high-speed train technology – sources
Siemens (SIEGn.DE) and Alstom (ALSO.PA) have offered to sell either one of their high-speed train technology to address EU antitrust concerns about their plan to create a Franco-German rail champion, people familiar...
Hitachi to announce purchase of ABB’s power grid business Monday: Nikkei
Hitachi Ltd (6501.T) and ABB (ABBN.S) will announce on Monday a plan for the Japanese conglomerate to buy the Swiss engineering group’s power grid business, paying up to $7 billion for an initial 50 percent stake, the...
GE speeds plan to raise $4 billion cash, lifts sagging shares
General Electric Co (GE.N) plans to raise $4 billion in needed cash by year end, the company said on Tuesday, speeding its planned sale of a stake in oilfield services unit Baker Hughes (BHGE.N). The news boosted GE...
General Electric seeks urgent asset sales as bond fears rise
General Electric Co will sell assets with “urgency” to reduce its high debt, Chief Executive Officer Larry Culp said on Monday, as GE shares tumbled as much as 10 percent and the cost of insuring its debt hit a six-year...
GE in talks to sell commercial lighting unit to PE firm: Bloomberg
General Electric Co (GE.N) is in talks to sell its commercial lighting business to private equity firm American Industrial Partners, Bloomberg reported on Monday, citing people familiar with the matter. The deal could...
