France Deals Review

France · Competition

How Alstom's Bombardier deal sent rail assets to CAF and Hitachi

The European Commission cleared Alstom's acquisition of Bombardier Transportation in July 2020 subject to commitments. The transaction closed in 2021, followed by separate transfers affecting regional and very high-speed trains.

Sources checked

Follow the rail merger and its remediesAlstom and Bombardier Transportation review and implementation milestones
  1. 31 July 2020
    Conditional clearance

    European Commission approved the acquisition subject to commitments. Source 1

  2. 29 January 2021
    Main acquisition closed

    Alstom completed the purchase of Bombardier Transportation. Source 3

  3. 29 March 2022
    Commission approved Hitachi as purchaser

    The decision covers Bombardier's scope of the Zefiro V300 platform. Source 1

  4. 1 August 2022
    CAF divestment completed

    Alstom reported transfer of the Coradia Polyvalent platform, Reichshoffen site and TALENT 3 platform. Source 4

The main acquisition and the asset transfers reached separate milestones.

Source 1 Source 2 Source 3 Source 4

The clearance set conditions for the rail deal

The Commission's 31 July 2020 decision approved Alstom's acquisition of sole control of Bombardier Transportation subject to commitments. The measures covered assets and access arrangements across regional rail, very high-speed rail and certain signalling systems. Source 1 Source 2

CAF took a French site and two regional train platforms

The package sold to CAF included Alstom's Coradia Polyvalent platform and the Reichshoffen production site, as well as TALENT 3, a platform developed in Hennigsdorf. The combined package gave the purchaser manufacturing capability in France and rights over two platforms. Source 4

Hitachi was approved for a separate high-speed scope

The Commission approved Hitachi as purchaser of Bombardier's share of the Zefiro V300 platform after reviewing the proposed buyer. Alstom's description of the commitment also included an offer of an intellectual property licence for use in future UK very high-speed tenders. Source 1 Source 2

Customer contracts crossed the transfer dates

Alstom said it would honour remaining TALENT 3 obligations and work in a consortium with CAF to fulfil existing rolling-stock contracts from Reichshoffen. Transfer of a production site or platform can coexist with continued obligations on orders signed before the transfer. Source 4

Sources

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