September 22, 2017 / 12:27 PM / a year ago

Alstom, Siemens in advanced rail tie-up talks - Le Monde

PARIS (Reuters) - German engineering giant Siemens (SIEGn.DE) is in advanced talks to combine its rail activities with France’s Alstom (ALSO.PA) in a deal that could be announced on Sept. 26, Le Monde reported on Friday.

A Siemens flag waves after the Annual Press Conference in Berlin November 12, 2015. REUTERS/Stefanie Loos

Siemens would contribute rail assets valued at 7 billion euros (£6.19 billion) in return for 45-50 percent stake in Alstom under the deal being studied, the French daily said, citing unnamed sources. Siemens and Alstom both declined to comment.

The proposed tie-up is also being discussed between French President Emmanuel Macron’s staff and their German counterparts in Angela Merkel’s chancellery, Le Monde reported.

Siemens has held tie-up talks with both Alstom and Canada’s Bombardier (BBDb.TO) and had been expected to pick a preferred partner for detailed negotiations, a person familiar with the matter told Reuters on Thursday.

Reporting by Laurence Frost; Editing by Luke Baker

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