September 27, 2017 / 10:36 AM / 6 months ago

German Economy Minister welcomes Alstom, Siemens rail deal

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.

FILE PHOTO: German Minister for Economic Affairs and Energy, Brigitte Zypries speaks during an interview with Reuters in Berlin, Germany June 16, 2017. REUTERS/Stefanie Loos

“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

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