U.S. Department of Justice (DOJ) has filed a proposed consent decree with the U.S. District Court in Washington, D.C. to approve Faiveley Transport – Wabtec combination.
The proposed consent decree by the Department of Justice (DOJ) is seeking court approval of a settlement resolving its concerns about the acquisition. The settlement is conditioned upon the sale of certain U.S. assets owned by Faiveley Transport, mainly its joint-venture with Amsted in freight brakes equipment. Annual revenues of assets to be divested amounted to about EUR 55 million. Terms of the sale have already been agreed upon with the buyer and approved by the DOJ.
The acquisition of the Faiveley family stake by Wabtec is expected to occur in Q4 2016.
In October, European Commission has cleared the proposed acquisition of Faiveley Transport of France by US-based Wabtec, a merger that is subject to the implementation of commitments. To address the Commission’s competition concerns, the parties offered to sell in its entirety Faiveley Transport’s sintered friction material business, Faiveley Transport Gennevilliers. The company specialises in the development and production of sintered friction materials for
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