September 26, 2017 / 8:37 PM / a year ago

France welcomes Siemens/Alstom deal, says will protect jobs

PARIS (Reuters) - Finance Minister Bruno Le Maire said on Tuesday the French government welcomed the planned rail operations tie-up between Siemens (SIEGn.DE) and Alstom (ALSO.PA), which he said would protect French jobs.

“Notably, Siemens has formally committed to: locating the headquarters and listing of the group in France, putting the head of Alstom in charge of the new entity, the preservation of jobs and French industrial sites, and maintaining investments for research and development in France,” Le Maire’s office said a statement.

France would not exercise its option to buy out Alstom shares from Bouygues (BOUY.PA), the finance ministry said, adding that the Siemens-Alstom deal highlighted France’s desire to strengthen European industry.

Reporting by Sudip Kar-Gupta; Editing by Richard Lough

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