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Siemens/Alstom Merger Procedure Regulation

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Siemens/Alstom Merger Procedure Regulation EUROPEAN COMMISSION DG Competition CASE M.8677 - SIEMENS/ALSTOM (Only the English text is authentic) MERGER PROCEDURE REGULATION (EC) 139/2004 Article 8 (3) Regulation (EC) 139/2004 Date: 06/02/2019 This is a provisional non-confidential version. The definitive non- confidential version will be published as soon as it is available. This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets. EUROPEAN COMMISSION Brussels, 6.2.2019 C(2019) 921 final Public Version COMMISSION DECISION of 6.2.2019 declaring a concentration to be incompatible with the internal market and the functioning of the EEA Agreement (Case M.8677 SIEMENS/ALSTOM) (Text with EEA relevance) (Only the English text is authentic) TABLE OF CONTENTS 1. Introduction ................................................................................................................ 12 2. The Parties and the operation ..................................................................................... 13 3. Union dimension ........................................................................................................ 14 4. The procedure ............................................................................................................. 14 5. High and very high-speed rolling stock ..................................................................... 19 5.1. Introduction ................................................................................................................ 19 5.2. Market definition ........................................................................................................ 20 5.2.1. Product market definition ........................................................................................... 20 5.2.1.1. The Notifying Party's views ....................................................................................... 20 (A) Market segmentation according to maximum speed .................................................. 20 (B) Market segmentation according to the number of floors (single- vs. double-deck trainsets) ..................................................................................................................... 20 5.2.1.2. The Commission's decisional practice ....................................................................... 21 5.2.1.3. Results of the market investigation and the Commission's assessment ..................... 21 (A) Distinction between intercity and high-speed trains .................................................. 21 (B) Distinction between high and very high-speed trains ................................................ 22 (C) Lack of distinction in relation to traction system or architecture ............................... 27 (D) Lack of distinction in relation to the number of floors .............................................. 28 5.2.1.4. Conclusion.................................................................................................................. 29 5.2.2. Geographic market definition .................................................................................... 30 5.2.2.1. The Notifying Party's views ....................................................................................... 30 5.2.2.2. The Commission's decisional practice ....................................................................... 31 5.2.2.3. Results of the market investigation and the Commission's assessment ..................... 31 (A) EEA-wide dimension ................................................................................................. 31 (B) Switzerland ................................................................................................................. 32 (C) The rest of the world .................................................................................................. 33 5.2.2.4. Conclusion.................................................................................................................. 34 5.3. Competitive assessment ............................................................................................. 35 5.3.1. Framework for the competitive assessment ............................................................... 35 5.3.1.1. General principles ...................................................................................................... 35 5.3.1.2. Calculation of market shares and analysis of bidding data ........................................ 36 5.3.2. The Notifying Party's views ....................................................................................... 37 5.3.3. Results of the market investigation and the Commission's assessment ..................... 38 5.3.3.1. The Parties' activities and market shares .................................................................... 38 (A) The Parties' market shares .......................................................................................... 38 2 (A.i) Alstom's activities ...................................................................................................... 38 (A.ii) Siemens' activities ...................................................................................................... 39 (A.iii) Market shares ............................................................................................................. 39 a) Market shares: 2008-2018 period ............................................................................... 39 b) The Notifying Party's views ....................................................................................... 41 c) The Commission's assessment ................................................................................... 42 (i) Market shares: 2008-2012 and 2013-2018 periods; order frequency ........................ 42 (ii) The Parties' combined market share does not overstate their competitive position ... 48 (iii) The Parties' market share in relation to Germany and France ................................... 51 (B) The Parties' important positions in innovation ........................................................... 53 (C) The Parties' competitors ............................................................................................. 55 (C.i) Bombardier and Hitachi-Ansaldo .............................................................................. 55 (C.ii) CAF ............................................................................................................................ 56 (C.iii) Stadler ........................................................................................................................ 57 (C.iv) Talgo .......................................................................................................................... 58 (C.v) Other suppliers ........................................................................................................... 58 (D) Upcoming tenders and growing global demand......................................................... 59 (E) Participation in tenders ............................................................................................... 62 (E.i) The Notifying Party's arguments ................................................................................ 62 (E.ii) Overall participation and win rates (2008-2018) ....................................................... 62 (E.iii) Participation trends ..................................................................................................... 66 a) Assessment in relation to past tenders ....................................................................... 66 b) Assessment in relation to future tenders .................................................................... 67 5.3.3.2. Closeness of competition ........................................................................................... 69 (A) Qualitative assessment of closeness of competition .................................................. 69 (A.i) The Notifying Party's arguments ................................................................................ 69 (A.ii) The results of the market investigation and the Commission's assessment ............... 70 a) Parameters of competition .......................................................................................... 70 b) Results of the market investigation in relation to closeness of competition .............. 70 c) Qualitative evidence on closeness of competition ..................................................... 72 (B) Suppliers exert competitive pressure on each other at the bidding stage ................... 75 (B.i) The Notifying Party's arguments ................................................................................ 75 (B.ii) Relevant characteristics of bidding markets .............................................................. 75 (B.iii) Bidding in rolling stock tenders ................................................................................. 76 (C) Competitive interactions and the merger's impact on participation ........................... 79 (C.i) Participation against the Parties: 2008-2018 .............................................................. 79 (C.ii) The Transaction's impact on participation ................................................................. 80 3 (D) Success rates in past tenders
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