French PM slams EU's 'bad decision' to reject Alstom-Siemens merger

French Prime Minister Edouard Philippe said the commission had made a 'bad decision'. ― AFP pic
French Prime Minister Edouard Philippe said the commission had made a ‘bad decision’. ― AFP pic

PARIS, Feb 6 — French Prime Minister Edouard Philippe today slammed the European Union’s “bad decision” to reject the proposed merger of the train operations of France’s Alstom and Germany’s Siemens.

“The commission’s decision is a bad decision. It’s a nasty blow to European industry. It seems to have been taken on the basis of faulty reasoning,” Philippe told parliament.

“We have to reconsider competition law as it is implemented in the EU… You should know that the Commission refused to take account of the world market, including Asia and . That is wild. It’s a very outdated idea of the law”, Philippe said.

His comments came shortly after Finance Minister Bruno Le Maire said the government would consider other “merger options” for Alstom, maker of the famed TGV high-speed train.

“This French flagship has everything needed to succeed, but it must consolidate,” Le Maire also told reporters, after earlier slamming the veto which he said “served China’s economic interests”.

German Economy Minister Peter Altmaier said that Paris and Berlin would jointly propose changes to EU competition rules to respond to growing rivalry from global giants.

“We are convinced that we must think about, and make decisions about future changes to European competition law” to make it possible for European firms to compete “on an equal footing” with large US and rivals, he said. — AFP

Source: The Malay Mail Online

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