欧盟启动反垄断二阶段深入的全方面调查 合并存在“凉凉了”的可能

欧盟在当地时间7月13日发布了一份措辞强硬的声明，表示将对西门子与阿尔斯通的轨道交通板块业务合并将进行深入、全面的审查，并表示打造“欧洲铁路旗舰”的交易协议可能难以获得批准。

根据欧盟合并条例，欧盟委员会已开始进行深入调查，以评估西门子拟收购阿尔斯通的情况。 欧盟担心合并可能会减少多种列车型号和信号系统供应的竞争。

负责竞争政策的欧盟委员玛格丽特•维斯塔格（Margrethe Vestager）表示，拟议中的交易可能剥夺欧洲铁路运营商选择供应商和创新产品，并导致价格上涨，最终伤害数百万使用铁路运输的欧洲人”。

虽然这是欧盟对合并审批程序的早期阶段，但声明中提出的问题的广度和深度表明，西门子阿尔斯通存在“合并凉凉了”的可能。

西门子和阿尔斯通皆是全球轨道交通巨头 整合影响方方面面

西门子和阿尔斯通都是轨道交通装备业的全球领导者， 两家公司都拥有广泛的产品谱系，并在招标中竞争下列产品的制造和供应：

• 高速铁路，干线和城市轨道车辆 （列车）。高速铁路车辆包括时速250公里/小时以上的长途旅行列车，干线列车包括城际和区域列车，城轨车辆则包括地铁和有轨电车。

  
  

• 干线和城轨信号解决方案 。 信号系统解决方案包括在干线和城市轨道网络上提供安全运行控制的信号系统。

欧盟警告说发起的交易将使欧洲经济区（EEA）中两个最大的机车车辆和信号解决方案供应商整合在一起，不仅是合并规模方面，而且在他们业务的地理区域覆盖方面。

欧盟关注竞争 合并使得西门子阿尔斯通不论在欧洲还是在中日韩以外的全球其他地方“天下无敌”

更具体地说，欧盟的初步调查发现：

• 在机车车辆方面：发起的交易将少了一个非常强大的竞争对手并减少供应商的数量。 关于高速列车，委员会已经审查了欧洲经济区内和全球范围内的交易影响（不包括中国，日本和韩国，这些国家似乎对来自外国供应商的进口设置了障碍）。 在这两个地域市场中，合并后的主体将成为无可争议的市场领导者，比最接近的竞争对手大三倍。 合并后的主体也将成为干线（包括区域列车）和欧洲经济区内城轨车辆的市场领导者。此外，在合并之后，该领域的竞争对手将很难与合并后主体的业绩及其机车车辆基地竞争。

  
  

• 在信号系统方面：该委员会的初步调查发现，合并将从几个干线和城轨市场中删除以往“非常强大的竞争对手”。一旦发起的交易完成后，西门子-阿尔斯通毋庸置疑将成为市场领导者，三倍市场份额于最临近的竞争对手，并且不太可能面临巨大的竞争压力。

欧盟认为中国中车不是潜在威胁 最主要的合并理由遭到质疑

此外，在当前阶段，欧盟发现新的竞争者进入欧洲经济区轨道交通车辆或信号解决方案市场，特别是潜在的中国轨道交通装备供应商，似乎不太可能在可预见的未来发生。

如果欧盟在深度反垄断调查后维持该评估结论，它将破坏支持西门子-阿尔斯通合并交易的最重要支撑论据之一。

西门子此前一直强调中国中车对全球轨道交通市场的变革影响。去年9月宣布这项交易时，西门子首席执行官乔·凯瑟（Joe Kaeser）表示：“亚洲的主导者已经改变了全球市场格局，数字化将影响交通的未来。”

西门子仍乐观 敦促观察员不要预判结果

西门子和阿尔斯通仍然预计该交易将在2019年上半年完成。合并后的集团收入为160亿欧元，这一举措得到法国和德国的政治支持，一些欧盟官员认为这将是最终决定的重要因素。

西门子周五表示，第二阶段审查程序对于这种规模和性质的交易来说是“共同的”，并敦促观察员不要“预先判断调查结果”。它补充说，合并“将为我们的运输解决方案的交通部门，为我们的客户带来巨大价值”。

庞巴迪及英国铁路部门表示强烈反对

庞巴迪针对欧盟启动的深度反垄断调查表示欢迎。庞巴迪总法律顾问Daniel Desjardins表示，我们的观点是该合并扭曲公平竞争，使得一家公司在信号领域具有完全主导权，锁定了机车车辆的竞争，并以牺牲所有相关者的利益为代价控制整个行业。

英国监管机构铁路和公路办公室也对该交易表示强烈保留意见，称合并后的西门子-阿尔斯通将控制75％的英国信号市场。据估计，由于竞争减少，合并“每年可能会增加数千万英镑的成本”。

European Commission - Press release

Mergers: Commission opens in-depth investigation into Siemens proposed acquisition of Alstom

Brussels, 13 July 2018

The European Commission has opened an in-depth investigation to assess the proposed acquisition of Alstom by Siemens, under the EU Merger Regulation. The Commission is concerned that the merger may reduce competition in the supply of several types of trains and signalling systems.

Commissioner Margrethe Vestager, in charge of competition policy, said:"Trains and the signalling equipment that guide them are essential for transport in Europe. The Commission will investigate whether the proposed acquisition of Alstom by Siemens would deprive European rail operators of a choice of suppliers and innovative products, and lead to higher prices, which could ultimately harm the millions of Europeans who use rail transportation every day for work or leisure."

Siemens and Alstom are global leaders in rail transportation. Both companies have a wide product portfolio and compete in tenders for the manufacture and supply of:

• high speed, mainline and urban rolling stock (trains). High speed rolling stock includes trains operated for long-distance travel at speeds above 250 km/h, mainline rolling stock includes intercity and regional trains and urban rolling stock includes metros and trams.

• mainline and urban signalling solutions. Signalling solutions include signalling systems that provide safety controls on mainline and urban rail networks.

The proposed transaction would combine the two largest suppliers of rolling stock and signalling solutions in the European Economic Area (EEA) not only in terms of size of the combined operations, but also in terms of geographic footprint of their activities.

The Commission's competition concerns

At this stage, the Commission is concerned that the proposed transaction would reduce competition in the markets where the merged entity would be active. In particular, the Commission is concerned that the proposed transaction could lead to higher prices, less choice and less innovation due to reduced competitive pressure in rolling stock and signalling tenders. This would be to the detriment of train operators, infrastructure managers and ultimately European passengers who use trains and metros on a daily basis.

More specifically, the Commission's initial investigation found that:

• For rolling stock, the proposed transaction would remove a very strong competitor and reduce the number of suppliers. In relation to high speed trains, the Commission has examined the impact of the transaction both within the EEA and on a worldwide basis (excluding China, Japan and Korea which appear to have barriers preventing imports from foreign suppliers). On both of these geographic markets, the merged entity would be the undisputed market leader, over three times larger than the closest competitor. The merged entity will also become the market leader in mainline (including regional trains) and metro rolling stock in the EEA. Furthermore, after the proposed transaction, competitors in the sector would struggle to compete against the merged entity's track-record and installed-base of rolling stock.

• For signalling solutions, the proposed transaction would remove a very strong competitor from several mainline and urban signalling markets. After the proposed transaction, the merged entity would become the undisputed market leader, with around three times the market share of the closest competitor, and would be unlikely to face significant competitive pressure.

Furthermore, at this stage the Commission has found that the entry of new competitors into the EEA rolling stock or signalling solutions markets, including in particular of potential Chinese suppliers, appears unlikely to occur in the foreseeable future.

The Commission will now carry out an in-depth investigation into the effects of the transaction to determine whether its initial competition concerns are confirmed.

The transaction was notified to the Commission on 8 June 2018. The Commission now has 90 working days, until 21 November 2018, to take a decision. The opening of an in-depth investigation does not prejudge the outcome of the investigation.

Companies and products

Siemens,

Alstom,based in France, is active worldwide in the rail transport industry, offering a wide range of transport solutions (from high-speed trains to metros, trams and e-buses), personalised services (maintenance and modernisation) as well as products dedicated to passengers and infrastructure, signalling solutions, rail electrification systems and digital mobility.

Merger control rules and procedures:

The transaction was notified to the Commission on 8 June 2018.

The Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds (see Article 1 of the Merger Regulation) and to prevent concentrations that would significantly impede effective competition in the EEA or any substantial part of it.

The vast majority of notified mergers do not pose competition problems and are cleared after a routine review. From the moment a transaction is notified, the Commission generally has a total of 25 working days to decide whether to grant approval (Phase I) or to start an in-depth investigation (Phase II).

In addition to the current transaction, there are four ongoing Phase II merger investigations: the proposed acquisition of Solvay's nylon business by BASF, the proposed acquisition of Tele2 NL by T-Mobile NL, the proposed acquisition of Shazam by Apple and the proposed merger of Praxair and Linde.

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