BERLIN (Reuters) - Germany’s economy minister on Wednesday welcomed a merger of Siemens’ (SIEGn.DE) and Alstom’s (ALSO.PA) rail operations, saying the tie-up offered opportunities in the face of tough international competition.
“The merger between Siemens and Alstom offers an important opportunity for the future in the face of tough international competition,” Brigitte Zypries, senior member of the co-governing Social Democrats (SPD), said in a statement.
“The basis for this is a clear future strategy, prospects for the workers and the maintenance of employee participation,” she added.
The merger creates a European champion to better withstand the international advance of China’s state-owned CRRC Corp Ltd (601766.SS).
Reporting by Gernot Heller; Writing by Paul Carrel; Editing by Michael Nienaber