On 31 July, the European Commission approved Alstom’s proposed acquisition of Bombardier, subject to conditions. The transaction, which creates the world’s second-largest train manufacturer behind China’s CRRC, created horizontal overlaps in a number of rolling stock and signalling equipment markets in the EU. Following a Phase I investigation, the Commission cleared the deal after securing structural remedies for very high speed and mainline rolling stock, and behavioural remedies for the supply of legacy on-board signalling systems.
RBB Economics advised Alstom throughout the investigation, working alongside Cleary Gottlieb Steen & Hamilton.
