On Tuesday 26 September, the boards of directors of the French and German companies Alstom SA and Siemens AG approved the principle of a "merger of equals" between the two companies. Following the transaction, the German group will hold a stake of slightly above 50% in the capital of the new entity, to be named Siemens Alstom.
The merged entity will be a global giant in rail construction and signalling, with an annual turnover in excess of €15 billion, to rival the Chinese group CRRC. Once...