Alstom shareholders OK merger with Siemens

Alstom shareholders yesterday approved the proposed merger with Siemens Mobility.

At a meeting in Paris, more than 95 percent of Alstom's shareholders approved resolutions related to the proposed business combination, which includes Siemens' rail traction drives business, Alstom officials said in a press release.

The transaction is subject to approval by antitrust authorities. Closing is expected in the first half 2019.

Meanwhile, the European Commission has opened an "in-depth investigation" to assess the proposed merger.

"The commission is concerned that the merger may reduce competition in the supply of several types of trains and signaling systems," commission officials said last week in a press release.

In March, the companies announced they entered into a business combination agreement to merge their rail operations. The measure followed a memorandum of understanding announced in September 2017.