Wabtec, Faiveley Transport receive EC clearance for proposed combination
Wabtec and Faiveley Transport said they have received conditional clearance from the European Commission for their proposed combination. The approval is conditional upon a commitment to divest Faiveley Transport Gennevilliers, the sintered brake material activity of Faiveley Transport, representing sales of around EUR12M. Completion of the proposed combination of Wabtec and Faiveley Transport remains subject to the approval of the buyer of FTG by the European Commission and to regulatory clearance in the United States, where both companies continue to cooperate with the U.S. Department of Justice to reach approval. The acquisition of the Faiveley family stake by Wabtec is expected to occur in the fourth quarter.