The European Commission approved on November 2016 the proposed purchaser of Faiveley Transport Gennevilliers (FTG), the sintered brake material company of Faiveley Transport.
Following the consent decree by the U.S. Department of Justice, this approval by the European Commission was the last regulatory clearance required to complete the proposed combination between Faiveley Transport and Wabtec.
The acquisition of the Faiveley family stake by Wabtec is expected to occur on November 30, 2016. Following this change of control, Wabtec will file the public tender offer with the AMF (French financial markets authority) in December 2016.
On 27 July 2015, Faiveley entered into negotiations with Wabtec after receiving a binding offer to acquire all Faiveley shares.
The proposed combination is expected to create a new railway equipment company with combined revenues of around EUR 4bn, and improve Faiveley’s operations in the long-term.
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