Brussels, 26/05/2004 (Agence Europe) - Commissioner Monti announced that he had received, on Wednesday morning, formal commitment from French Finance Minister Nicolas Sarkozy concerning Alstom restructuring. The initiative now gives the Competition Commissioner the possibility to develop a positive decision that he will soon submit to the Commission. "I greatly insisted on the industrial partnerships to be concluded (…), which are indispensable for long-term viability", Mario Monti told the press on Wednesday. He recognised that discussions have sometimes been "difficult". France has given its assurance that it will proceed to withdrawing capital from the company "at least within the next four years", and will conclude industrial partnerships in that time. The French government undertakes in this sense to give up the equivalent of EUR 1.26 billion in turnover and promises to put to one side any State enterprise for total or partial takeover of Alstom activities.
Mr Monti specified that a first partnership would be formed for the hydraulic turbine part, in the context of which a joint subsidiary would be created "in joint partnership", but without wishing to specify the time it would take.
In the transport sector, Commissioner Monti ruled out all acquisition on the part of Alstom during the next four years and added that substantial sales should be made in rail equipment, in order to increase competition. Also, France "will take concrete measures to facilitate the awarding of public contracts for rail material", he added.
Commissioner Monti insisted on the "indispensable" nature of the conditions required "which do not question the excellent capacity of Alstom". For Mario Monti, these are conditions necessary for "guaranteeing the future". "One can no longer continue in uncertainty. I am as concerned as Mr Sarkozy about this", he concluded.