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Business

Almstom Rules Out Alliance with Siemens

Troubled French manufacturing giant Alstom ruled out striking a deal with German engineering Siemens on Wednesday after announcing details of a new rescue deal. "I have already said there are no discussions over a tie-up with Siemens," CEO Patrick Kron said in a news conference. "A tie-up would not be in the interest of our clients, staff or shareholders. I have not changed my mind." Kron’s comments come after Brussels regulators struck a deal with the French government to pass EU subsidy tests by forcing the engineering heavyweight to take on merger partners within a time-frame of four years. The new bail-out plan includes injecting up to €2.5 billion ($3.28 billion) into the company to strengthen shareholder funds by € 1.8 to €2.5 billion. Kron also indicated that the group might dispose of most of its shipbuilding interests which the company had already indicated it wanted to sell. Kron also added that the rescue restructuring would involve the loss of 8,500 jobs throughout the world instead of 7,000 as planned earlier.

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