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00:00:00
Siemens and I'll storms plan to create a European rail champion to its Chinese counterpart has officially been blocked European Union anti trust regulators rejected the merger saying it would have hurt competition and pushed up ticket prices it's an unwelcome rolling for the French and German governments almost by that push to change the rules writers Richard look is in Paris , fundamentally this merger was rejected by the European Union commission because the two companies failed to offer enough concessions to alleviate concerns that you become too dominant to play in the European market Siemens and I'll storms combined revenues would be in a fraction of the main European rivals see Aussie however they would have to wolf to European competitors Paris and Berlin lobbied hard for the Siemens and I'll storm union which would have created a global rail giants the commission also blocks a bit by German couple company villains Vacca to buy a units from Europe's biggest copper smelter every bass and said it's approved three thousand much as in the past ten years box this it was rights to protect local competition to be clear it's fine to be big that's not the issue here we found that the mergers would have led to higher prices are less choice less innovation , neither of the companies offered appropriate solutions to resolve the competition problems advocates of the plot strict merger regime argued that any changes could lead to a paycheck and unpredictable rules bought a Siemens and I'll still make that wins calling the Viterra cents back for industry in Europe their respective governments have already begun working towards the E. U. reform