Full steam ahead on Alstom and Siemens rail merger
Alstom and Siemens have signed an MoU to create a ‘European rail champion.’ The deal has been described as a Franco-German merger of equals, to be headquartered and led by Alstom in France with 50% shares of the combined business owned by Siemens. Alstom develops and markets systems, equipment and services with an emphasis on sustainable mobility for the transport sector, while Siemens is a leading supplier of efficient power generation and power transmission, infrastructure, automation, drive and software solutions to the industry. Siemens Alstom’s combined revenue is €15.3m with an adjusted EBIT of €1.2bn, and the group expects to find annual synergies of €470m in four years following the close of the deal. Altogether the new entity employs 62,300 people across 60 countries.