EU rejects planned Siemens-Alstom rail deal

EU regulators blocked the merger between the German and French train manufacturers Siemens and Alstom saying that it would have hurt competition and led to higher prices for consumers. “Without sufficient remedies, this merger would have resulted in higher prices for the signaling systems that keep passengers safe and for the next generations of very high-speed trains,”  Margrethe Vestager, the EU competition commissioner, said.

The companies argued that a merger aimed to create a European rail champion was necessary to compete with Chinese state-owned rival CRRC. Siemens said in a statement that it regretted the decision, adding that "Europe urgently needs structural reform in the way it shapes its industrial future in a globally connected world."