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EU Approves Adtranz sale

The European Commission has announced that it has conditionally approved the USD725 million acquisition of Adtranz from DaimlerChrysler by Bombardier of Montreal. The approval completes the second phase in the anti-trust evaluation. The deal which was announced last August (then reported as GBP478m) is now expected to be finalised by 1st. May. It will create the world's biggest producer of railway equipment.

Provisions have been agreed to license other companies to ensure that independent producers continue to sell regional light-rail vehicles and trams in Germany, with the disappearance of Adtranz is disappearing. This means that Bombardier must end a joint venture that Adtranz had with Stadler Rail of Switzerland. Stadler will get exclusive rights to produce, manufacture and market some vehicles that were previously handled by Adtranz. Bombardier must divest a minority stake in Elin and also make arrangements to protect Kiepe, both independent suppliers of electrical propulsion, to ensure that they are not put out of business.

4 April 2001

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