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Bombardier Inc
Symbol BBD
Shares Issued 2,128,091,942
Close 2020-07-02 C$ 0.435
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Globe/wire say Bombardier, Alstom on track with EC

2020-07-03 08:40 ET - In the News

The Globe and Mail reports in its Friday edition that French TGV high-speed train maker Alstom SA is prepared to sell assets to secure early EU antitrust approval for its bid for Bombardier's rail division. A Reuters dispatch to The Globe says that Alstom and Bombardier believe they have a strong case with few overlapping activities, even if EU antitrust regulators are not convinced by the concessions and instead opt to open an investigation. Alstom's bid for Bombardier, announced in February, is worth up to 6.2 billion euros. The French company wants to create the world's No. 2 train maker to better compete with Chinese leader CRRC Corp. This is Alstom's second attempt at a deal, after the European Commission blocked its planned merger with Siemens in 2019. The EU regulator is likely to demand concessions. The deadline for concessions during the preliminary review is July 9, with the EU decision due by July 16. Bombardier may also be willing to end partnering with Japan's Hitachi on building high-speed trains, although the two companies dispute claims they are strong in this area. The watchdog has singled out concerns about the combined companies' market power in signalling, high-speed trains and rolling stock.

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