France's TGV high-speed train maker Alstom on Thursday offered to sell a French rail factory and make other concessions to win European Commission approval for its planned purchase of Bombardier Inc's transportation business.
Alstom said it would sell its Reichshoffen factory in France, confirming a report by Reuters on Wednesday. The site in Eastern France has around 800 employees and produces mostly regional trains.
French unions, which are due to be updated on the concessions on Thursday, were still hoping to keep the site, a source familiar with the matter said on Wednesday. The EU is due to decide whether or not to pursue a deeper enquiry on July 16, following its preliminary review of the deal. Alstom said other concessions included providing access to some products within Bombardier’s train control systems and signalling units - one of the areas where the combined companies would have a large market share.Reporting by Maya Nikolaeva and Sarah White; Editing by Edmund Blair and Jane Merriman
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meet the new French governmentFrench President Emmanuel Macron’s reshuffled team includes 14 men and 17 women, although men hold the majority of higher-rank portfolios
Read more »
French economy seen rebounding 19% in third quarter, 3% in fourth quarter: INSEEThe French economy is set to rebound sharply in the second half of the year after an unprecedented slump in the first half due to the coronavirus lockdown, the INSEE statistics agency said on Wednesday.
Read more »
Credit Agricole CEO sees 'encouraging' signs of French economic bounceCredit Agricole's Chief Executive Philippe Brassac said on Tuesday there were signs economic activity was picking up in France, in the aftermath of the coronavirus lockdown.
Read more »
Argentina's Guzman says fate of debt deal in creditors' hands after 'final' offerArgentina's Economy Minister said on Tuesday that the fate of a $65 billion debt restructuring deal was now in the hands of creditors, though he expected opposition from a key bondholder group after the government unveiled its 'final' offer.
Read more »
Cinema Chain AMC Nears Financing Deal to Avert Near-Term BankruptcyThe cinema chain is nearing a restructuring deal that would help stave off a near-term bankruptcy filing while turning down a competing financing offer from senior lenders including Apollo.
Read more »