Hitachi seeks EU okay with remedies for Thales rail signal business buy

2 months ago 64

Logo of Hitachi is seen in Zurich

The logo of Hitachi is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann Acquire Licensing Rights

BRUSSELS, Sept 15 (Reuters) - Hitachi (6501.T) has offered remedies in a bid to secure EU antitrust approval for its proposed acquisition of French infrastructure company Thales' (TCFP.PA) GTS railway signalling business, an EU regulatory filing showed on Friday.

Hitachi submitted its remedies on Thursday, the same day it sought approval for the deal, the filing on the European Commission website showed.

The EU competition enforcer, which set a Nov. 6 deadline for its decision, did not provide details of the remedies in line with its policy. It is expected to seek feedback from Hitachi customers and rivals before deciding whether to accept the remedies or demand more.

The deal underscores the consolidation in the rail industry, with independent players teaming up with bigger industrial groups.

The Competition and Markets Authority (CMA) has warned that the deal between two leading suppliers of signalling for mainline and urban railway networks could jack up the costs of upgrading Britain's rail network.

Reporting by Foo Yun Chee; editing by David Evans

Our Standards: The Thomson Reuters Trust Principles.

An agenda-setting and market-moving journalist, Foo Yun Chee is a 20-year veteran at Reuters. Her stories on high profile mergers have pushed up the European telecoms index, lifted companies' shares and helped investors decide on their move. Her knowledge and experience of European antitrust laws and developments helped her broke stories on Microsoft, Google, Amazon, numerous market-moving mergers and antitrust investigations. She has previously reported on Greek politics and companies, when Greece's entry into the eurozone meant it punched above its weight on the international stage, as well as Dutch corporate giants and the quirks of Dutch society and culture that never fail to charm readers.

Read Entire Article