Hitachi seeks EU okay with remedies for Thales rail signal business buy
investing.comBy Foo Yun Chee
BRUSSELS (Reuters) -Hitachi has offered remedies in a bid to secure EU antitrust approval for its proposed acquisition of French infrastructure company Thales' GTS railway signalling business, an EU regulatory filing showed on Friday.
Hitachi (OTC:HTHIY) submitted its remedies on Thursday, the same day it sought approval for the deal, the filing on the European Commission website showed.
The EU competition enforcer, which set a Nov. 6 deadline for its decision, did not provide details of the remedies in line with its policy. It is expected to seek feedback from Hitachi customers and rivals before deciding whether to accept the remedies or demand more.
The deal underscores the consolidation in the rail industry, with independent players teaming up with bigger industrial groups.
The Competition and Markets Authority (CMA) has warned that the deal between two leading suppliers of signalling for mainline and urban railway networks could jack up the costs of upgrading Britain's rail network.
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