September 6, 2018 / 11:56 AM / 7 months ago

Siemens, Alstom still expect rail merger in H1 2019, despite Australian concerns

ZURICH, Sept 6 (Reuters) - Siemens and Alstom on Thursday said they were confident their rail merger would still go ahead and be completed on time, despite concerns raised by Australia’s competition watchdog.

The Australian Competition and Consumer Commission (ACCC) said on Wednesday it was worried the mega merger could lead to higher prices by lowering competition for heavy rail signaling projects.

“Siemens and Alstom look forward to continuing to work cooperatively with the ACCC and confirm that the transaction is still expected to close in the first half of 2019,” the two companies said in a joint statement. (Reporting by John Revill; editing by Brenna Hughes Neghaiwi)

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