Alstom Block Shows EC Won't Bend Rules For Euro Champs
Law360 (February 13, 2019, 8:14 PM EST) -- European Union competition officials continue to resist calls to promote “European Champions,” as shown by their decision to block the €15 billion proposed merger between Alstom SA and Siemens AG.
The European Commission’s decision is the latest and perhaps sharpest demonstration that public policy goals alone can’t sway enforcers from following their competition analyses.
The commission has traditionally not yielded to national politicians who ask them to overlook anti-competitive effects of mergers involving home-country firms, attorneys say. The EU stood its ground again in rejecting the rail giants’ merger, even in the face of pressure from EU core members France and...
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