Shareholders have approved a proposal to merge two of the largest suppliers in the global rail industry.
With a large majority, Alstom shareholders on July 17 approved more than 95 percent of the resolutions related to the proposed merger of Alstom with Siemens Mobility business, including its rail traction drives business, officials said.
The transaction must be approved by the related antitrust authorities and its closing is anticipated to occur during the first half 2019. The European Commission this week announced it has launched an “in-depth” investigation into the merger. Alstom is headquartered in France; Siemens, in Germany.
The shareholders’ meeting also served as an opportunity to discuss Alstom’s 2020 strategy, 2017-18 fiscal year highlights and financial performance.
The shareholders approved the renewal of the mandates of Olivier Bouygues, Bouygues SA —represented by Philippe Marien—and Bi Yong Chungunco and the appointment of Baudouin Prot and Clotilde Delbos as directors.
The Board of Directors of Alstom is now composed of 14 directors: Henri Poupart-Lafarge as chairman and CEO; Yann Delabrière, as independent lead director; Candace K. Beinecke, Olivier Bouygues, Bi Yong Chungunco, Françoise Colpron, Clotilde Delbos, Gérard Hauser, Sylvie Kandé de Beaupuy, Klaus Mangold, Bouygues SA,represented by Philippe Marien; Géraldine Picaud, Baudouin Prot and Sylvie Rucar.
The proportion of independent directors exceeds 64% and “parity continues to be respected,” officials said.
The shareholders also approved the future Board of Directors of the combined entity Siemens Alstom, which will include 11 directors, of which six are independent members and five are women: Roland Busch as chairman; Yann Delabrière as independent vice chairman; Clotilde Delbos, Sigmar H. Gabriel, Sylvie Kandé de Beaupuy, Janina Kugel, Henri Poupart-Lafarge as Chief Executive; Baudouin Prot, Christina M. Stercken, Ralf P. Thomas and Mariel von Schumann.
The shareholders approved the removal of double voting rights allowing processes to revert back to a former “one share, one vote” principle, officials said.