US Department of Justice approves the proposed combination of Faiveley Transport and Wabtec
Gennevilliers, 26 October 2016
Faiveley Transport and Wabtec announced today that the U.S. Department of Justice (DOJ) has filed a proposed consent decree with the U.S. District Court in Washington, D.C. to approve their proposed combination.
The proposed consent decree by the Department of Justice (DOJ) is seeking court approval of a settlement resolving its concerns about the acquisition. The settlement is conditioned upon the sale of certain U.S. assets owned by Faiveley Transport, mainly its joint-venture with Amsted in freight brakes equipment. Annual revenues of assets to be divested amounted to about 55 million euros. Terms of the sale have already been agreed upon with the buyer and approved by the DOJ.
Completion of the proposed combination of Faiveley Transport and Wabtec remains subject to the European Commission's approval of the buyer of Faiveley Transport Gennevilliers, the sintered brake material company of Faiveley Transport. The acquisition of the Faiveley family stake by Wabtec is expected to occur in Q4 2016.
This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause expected results to differ.
Although Faiveley Transport believes that its expectations and the information in this press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the expected results will be as set out in this press release.
Neither Faiveley Transport nor any other company within the Faiveley Transport Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the press release, and neither Faiveley Transport, any other company within the Faiveley Transport Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the press release.
The public tender offer planned by Wabtec will be submitted to examination and visa by the French Autorité des Marchés Financiers. Wabtec and Faiveley Transport will respectively establish a draft offer memorandum and a draft memorandum in response which will be available on their respective websites and that of the Autorité des Marchés Financiers.
Guillaume Bouhours Chief Financial Officer firstname.lastname@example.org
Charlotte Rougeron Group Communication email@example.com