Alstom, Siemens ink rail merger

PARIS: Alstom, the maker of France’s TGV trains, and German industrial giant Siemens said they are to merge their rail activities in a politically tricky deal to create “a new European champion” big enough to take on world leader CRRC of China.

State-controlled Alstom, the manufacturer of French high-speed trains, which are a source of national pride, called the tie-up with its German competitor “a key moment in Alstom’s history, confirming its position as the platform for rail sector consolidation”.