DOCSLIB.ORG

Case No COMP/M.3653 - Siemens/VA Tech

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Case No COMP/M.3653 - Siemens/VA Tech EN This text is made available for information purposes only. A summary of this decision is published in all Community languages in the Official Journal of the European Union. Case No COMP/M.3653 - Siemens/VA Tech Only the German text is authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 8 (2) Date: 13/07/2005 COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 13 July 2005 C (2005) 2676 final PUBLIC VERSION COMMISSION DECISION of 13 July 2005 declaring a concentration compatible with the common market and the EEA Agreement (Case No COMP/M.3653 - Siemens/VA Tech) TABLE OF CONTENTS I. THE PARTIES II. THE PROPOSAL III. CONCENTRATION IV. COMMUNITY DIMENSION V. COMPETITION ASSESSMENT A. POWER GENERATION A1. EQUIPMENT FOR HYDROELECTRIC POWER STATIONS A2. EQUIPMENT FOR GAS-AND-STEAM POWER STATIONS B. POWER TRANSMISSION AND DISTRIBUTION ("T&D") C. RAIL C1. ROLLING STOCK C2. CONTACT LINE ENGINEERING C3. TRACTION POWER SUPPLY C4. LEVEL CROSSINGS D. FREQUENCY INVERTERS E. METAL PLANT BUILDING AND OTHER INDUSTRIAL PLANT BUILDING F. LOW-VOLTAGE SWITCHBOARDS G. BUILDING SERVICES ENGINEERING AND FACILITY MANAGEMENT G1. BUILDING SERVICES ENGINEERING G2. FACILITY MANAGEMENT H. INFRASTRUCTURE INSTALLATIONS AND ELECTRICAL EQUIPMENT FOR ROPEWAYS H1. TRAFFIC INFRASTRUCTURE INSTALLATIONS H2. WATER TREATMENT INSTALLATIONS H3. ELECTRICAL EQUIPMENT FOR ROPEWAYS I. OTHER IT SERVICES VI. COMMITMENTS VII. COMPETITION ASSESSMENT OF THE PROPOSED CONCENTRATION IN THE LIGHT OF THESE COMMITMENTS A. EQUIPMENT FOR HYDROELECTRIC POWER STATIONS B. METAL PLANT BUILDING VIII. CONDITIONS AND OBLIGATIONS IX. CONCLUSION 2 Commission Decision of 13 July 2005 declaring a concentration compatible with the common market and the EEA Agreement (Case No COMP/M.3653 - Siemens/VA Tech) (Only the German text is authentic) (Text with EEA relevance) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, Having regard to the Agreement on the European Economic Area, and in particular Article 57 thereof, Having regard to Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings,1 and in particular Article 8(2) thereof, Having regard to the Commission decision of 14 February 2005 to initiate proceedings in this case, Having regard to the opinion of the Advisory Committee on Concentrations,2 Whereas: 1 OJ L 24, 29.1.2004, p. 1. 2 OJ C […], […] 2003, p. […]. 3 (1) On 10 January 2005 the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 ("the Merger Regulation").3 According to the notification, the following is proposed: the company Siemens Österreich AG ("Siemens Österreich", Austria), which is controlled by Siemens AG ("Siemens", Germany), is to gain control, within the meaning of Article 3(1)(b) of the Merger Regulation, of the company VA Tech AG ("VA Tech", Austria) by a public takeover bid made on 10 December 2004. (2) The Commission concluded that the notified concentration fell within the scope of the Merger Regulation and took the preliminary view that it raised serious doubts as to its compatibility with the common market and the European Economic Area. It therefore adopted on 14 February 2005 a decision pursuant to Article 6(1)(c) of the Merger Regulation initiating Phase II proceedings for examination of the notified proposal. (3) On 22 April 2005 the Commission sent a statement of objections to the notifying parties in which it found that, as a preliminary assessment and on the basis of the information so far available to the Commission, the notified proposal was incompatible with the common market (4) Siemens replied to the statement of objections in a written statement submitted on 6 May 2005. In a written statement submitted on 25 May 2005, Siemens offered commitments designed to remove any existing competition concerns. (5) The Commission has now come to the conclusion that, in its notified form, the proposal is liable to significantly impede effective competition in a substantial part of the common market, in particular as a result of the creation of a dominant position. However, the commitments given by the parties allow the competition concerns regarding the concentration to be dispelled. This Decision is issued pursuant to Article 8(2) of the Merger Regulation. I. THE PARTIES (6) Siemens supplies products and services worldwide in various areas of industry and electrical engineering. Its areas of activity include plants for power generation, transmission and distribution, automation and traction technology, plant engineering and construction, technical services, traffic engineering, building services engineering and information technology. (7) In the area of equipping hydroelectric power stations, Siemens is working on a joint venture ("JV") with the company J.M. Voith AG (Heidenheim, Germany), in which Siemens holds 35% of the shares and has joint control. […]* The Commission's competition assessment rests on the same basis, but it would not change fundamentally if, hypothetically, the concentration were only to lead to Siemens acquiring a majority holding in VA Tech and continuing the JV separately with 3 OJ L 24, 29.1.2004, p. 1. * Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets and marked with an asterisk. 4 Voith. Only the extent, but not the existence, of the effects to be expected from the concentration might possibly change as a result. (8) Through various subsidiaries, VA Tech is active in the areas of power generation (hydroelectric power stations and fossil fuel power stations), power transmission and distribution, metallurgy engineering, infrastructure (in particular building infrastructure), rail traffic technology and electrical plant engineering. II. THE PROPOSAL (9) The object of the notification is the proposal by Siemens, through a public bid by its subsidiary Siemens Österreich, to increase an existing holding in VA Tech from 16.45% of the voting rights to at least 50% plus one share and so to acquire sole control. […]*4 III. CONCENTRATION (10) The proposal is a concentration within the meaning of Article 3(1)(b) of the Merger Regulation. IV. COMMUNITY DIMENSION (11) The companies involved achieve a combined aggregate worldwide turnover of more than EUR 5 billion.5 (Siemens: EUR 74 billion in the financial year from 1 October 2002 to 30 September 2003; VA Tech: EUR 3.9 billion in the financial year 2003). Siemens and VA Tech each have an aggregate Community-wide turnover of more than EUR 250 million […]*. Neither of the companies achieved more than two thirds of its aggregate Community-wide turnover within one and the same Member State. The notified concentration therefore has a Community dimension within the meaning of Article 1(2) of the Merger Regulation. The proposal constitutes a case of cooperation with the EFTA Surveillance Authority under Article 57 of the EEA Agreement. V. COMPETITION ASSESSMENT (12) The proposed concentration leads to numerous horizontal overlaps and vertical links, in particular in the following areas: A. Power generation (equipping hydroelectric power stations and gas-and-steam power stations); B. Power transmission and distribution; C. Rail; D. Frequency Inverters,; E. Metallurgy and Other Industrial Plant Building; F. Low Voltage Switchgear; G. Building technology; and H.Infrastructure Facilities and Cable Ropeway Electrics, I. Other IT-Services 4 […]* 5 The turnover calculation is made on the basis of Article 5(1) of the Merger Regulation and the Commission notice on calculation of turnover (OJ C 66, 2 March 1998, p. 25). 5 A. POWER GENERATION A1. EQUIPMENT FOR HYDROELECTRIC POWER STATIONS 1. Relevant product market (13) Siemens says that the equipping of hydroelectric power stations is a product market in its own right and that further segmentation, e.g. into electrical and mechanical engineering, is not necessary. The product market proposed by Siemens accordingly comprises all the mechanical and electrical components of a power station, such as water turbines, generators, instrumentation and controls, hydraulic control systems, pump turbines, valves, etc. The construction work (e.g. the dam), on the other hand, would belong to a separate product market, in which neither Siemens nor VA Tech is active. (14) According to Siemens, the fact that, on the supplier side, most competitors can offer both mechanical and electrical engineering, as well as a trend also evident in Europe towards joint tenders for both groups of components, indicate such a broad product market definition. In this connection, the notifying party refers to several concentrations between manufacturers of mechanical equipment and electrical manufacturers in recent years, including Alstom/ABB, GE Hydro/Kvaerner and VA Tech/Sulzer as well as the joint venture between Siemens and the mechanical manufacturer J.M. Voith AG. To this extent, in Siemens' opinion, the market conditions since the Commission Decision in Voith/Siemens/JV (M.1793) have changed. (15) The Commission's market investigation confirmed that the main suppliers of hydroelectric power stations in the EEA, including Voith Siemens, VA Tech, Alstom, and GE Hydro, can supply both mechanical and electrical components, even if market presence and reputation with customers are not the same for both areas in each case. The companies' product range includes in particular water turbines and hydrogenerators as well as other mechanical and electrical components, the "mechanical balance of plant" ("MboP") and the "electrical balance of plant ("EboP"). It is not possible to confirm whether the Asian suppliers (from China, India and Japan) are also active in the various areas because, at present, they are not perceived as credible suppliers in the EEA by the customers questioned in the market investigation. Nor have they so far taken part in any tenders in the EEA (see Part VI). (16) The market investigation also shows that the scale of the product packages jointly sought in tenders for hydroelectric power stations varies enormously.
Load more

Recommended publications
  • Pioneering the Application of High Speed Rail Express Trainsets in the United States
    Parsons Brinckerhoff 2010 William Barclay Parsons Fellowship Monograph 26 Pioneering the Application of High Speed Rail Express Trainsets in the United States Fellow: Francis P. Banko Professional Associate Principal Project Manager Lead Investigator: Jackson H. Xue Rail Vehicle Engineer December 2012 136763_Cover.indd 1 3/22/13 7:38 AM 136763_Cover.indd 1 3/22/13 7:38 AM Parsons Brinckerhoff 2010 William Barclay Parsons Fellowship Monograph 26 Pioneering the Application of High Speed Rail Express Trainsets in the United States Fellow: Francis P. Banko Professional Associate Principal Project Manager Lead Investigator: Jackson H. Xue Rail Vehicle Engineer December 2012 First Printing 2013 Copyright © 2013, Parsons Brinckerhoff Group Inc. All rights reserved. No part of this work may be reproduced or used in any form or by any means—graphic, electronic, mechanical (including photocopying), recording, taping, or information or retrieval systems—without permission of the pub- lisher. Published by: Parsons Brinckerhoff Group Inc. One Penn Plaza New York, New York 10119 Graphics Database: V212 CONTENTS FOREWORD XV PREFACE XVII PART 1: INTRODUCTION 1 CHAPTER 1 INTRODUCTION TO THE RESEARCH 3 1.1 Unprecedented Support for High Speed Rail in the U.S. ....................3 1.2 Pioneering the Application of High Speed Rail Express Trainsets in the U.S. .....4 1.3 Research Objectives . 6 1.4 William Barclay Parsons Fellowship Participants ...........................6 1.5 Host Manufacturers and Operators......................................7 1.6 A Snapshot in Time .................................................10 CHAPTER 2 HOST MANUFACTURERS AND OPERATORS, THEIR PRODUCTS AND SERVICES 11 2.1 Overview . 11 2.2 Introduction to Host HSR Manufacturers . 11 2.3 Introduction to Host HSR Operators and Regulatory Agencies .
    [Show full text]
  • 1 Centro Vasco New York
    12 THE BASQUES OF NEW YORK: A Cosmopolitan Experience Gloria Totoricagüena With the collaboration of Emilia Sarriugarte Doyaga and Anna M. Renteria Aguirre TOTORICAGÜENA, Gloria The Basques of New York : a cosmopolitan experience / Gloria Totoricagüena ; with the collaboration of Emilia Sarriugarte Doyaga and Anna M. Renteria Aguirre. – 1ª ed. – Vitoria-Gasteiz : Eusko Jaurlaritzaren Argitalpen Zerbitzu Nagusia = Servicio Central de Publicaciones del Gobierno Vasco, 2003 p. ; cm. – (Urazandi ; 12) ISBN 84-457-2012-0 1. Vascos-Nueva York. I. Sarriugarte Doyaga, Emilia. II. Renteria Aguirre, Anna M. III. Euskadi. Presidencia. IV. Título. V. Serie 9(1.460.15:747 Nueva York) Edición: 1.a junio 2003 Tirada: 750 ejemplares © Administración de la Comunidad Autónoma del País Vasco Presidencia del Gobierno Director de la colección: Josu Legarreta Bilbao Internet: www.euskadi.net Edita: Eusko Jaurlaritzaren Argitalpen Zerbitzu Nagusia - Servicio Central de Publicaciones del Gobierno Vasco Donostia-San Sebastián, 1 - 01010 Vitoria-Gasteiz Diseño: Canaldirecto Fotocomposición: Elkar, S.COOP. Larrondo Beheko Etorbidea, Edif. 4 – 48180 LOIU (Bizkaia) Impresión: Elkar, S.COOP. ISBN: 84-457-2012-0 84-457-1914-9 D.L.: BI-1626/03 Nota: El Departamento editor de esta publicación no se responsabiliza de las opiniones vertidas a lo largo de las páginas de esta colección Index Aurkezpena / Presentation............................................................................... 10 Hitzaurrea / Preface.........................................................................................
    [Show full text]
  • Representing the SPANISH RAILWAY INDUSTRY
    Mafex corporate magazine Spanish Railway Association Issue 20. September 2019 MAFEX Anniversary years representing the SPANISH RAILWAY INDUSTRY SPECIAL INNOVATION DESTINATION Special feature on the Mafex 7th Mafex will spearhead the European Nordic countries invest in railway International Railway Convention. Project entitled H2020 RailActivation. innovation. IN DEPT MAFEX ◗ Table of Contents MAFEX 15TH ANNIVERSARY / EDITORIAL Mafex reaches 15 years of intense 05 activity as a benchmark association for an innovative, cutting-edge industry 06 / MAFEX INFORMS with an increasingly marked presence ANNUAL PARTNERS’ MEETING: throughout the world. MAFEX EXPANDS THE NUMBER OF ASSOCIATES AND BOLSTERS ITS BALANCE APPRAISAL OF THE 7TH ACTIVITIES FOR 2019 INTERNATIONAL RAILWAY CONVENTION The Association informed the Annual Once again, the industry welcomed this Partners’ Meeting of the progress made biennial event in a very positive manner in the previous year, the incorporation which brought together delegates from 30 of new companies and the evolution of countries and more than 120 senior official activities for the 2019-2020 timeframe. from Spanish companies and bodies. MEMBERS NEWS MAFEX UNVEILS THE 26 / RAILACTIVACTION PROJECT The RailActivation project was unveiled at the Kick-Off Meeting of the 38 / DESTINATION European Commission. SCANDINAVIAN COUNTRIES Denmark, Norway and Sweden have MAFEX PARTICIPTES IN THE investment plans underway to modernise ENTREPRENEURIAL ENCOUNTER the railway network and digitise services. With the Minister of Infrastructure The three countries advance towards an Development of the United Arab innovative transport model. Emirates, Abdullah Belhaif Alnuami held in the office of CEOE. 61 / INTERVIEW Jan Schneider-Tilli, AGREEMENT BETWEEN BCIE AND Programme Director of Banedanmark. MAFEX To promote and support internationalisation in the Spanish railway sector.
    [Show full text]
  • The Spanish Railway Industry Faces the New Safe, Sustainable and Connected Mobility Strategy
    Mafex corporate magazine Spanish Railway Association Issue 25. November 2020 The Spanish railway industry faces the new Safe, Sustainable and Connected Mobility Strategy SPECIAL MAFEX INFORMS INTERVIEW Vitual Rail Live!1st and 2nd December 2020 Mafex held its annual General Assembly on José Luis Ábalos, Ministry of Transport, November, 11st 2020 Mobility and Urban Agenda A FONDO MAFEX ◗ Sumary 05 / EDITORIAL 06 / MAFEX INFORMS RAILACTIVATION PROJECT This initiative, led by Mafex, drives the innovative transformation of twenty European railway SMEs. EPROMAT PROJECT New cell of composites manufacturing of high efficiency in productivity and materials. 44/ SPECIAL STAFFER PROJECT SAFE, SUSTAINABLE AND CONNECTED Mafex is a member of the Railway Alliance MOBILITY STRATEGY 2030 to define the working skills required to The Safe, Sustainable and Connected promote a single European railway space. Mobility Strategy 2030, published on 17th September 2020, constitutes the EXXTRA PROJECT framework that will guide the debate The initiative seeks the professionalisa- on mobility in Spain, enriched by the tion of the competencies and services contributions of the different stakeholders of clusters towards world-class cluster in the mobility ecosystem. consolidation. THE SPANISH RAILWAY INDUSTRY MAFEX 2020 GENERAL ASSEMBLY IN THE FACE OF THE NEW STRATEGY The Association informed the Annual OF SAFE, SUSTAINABLE AND Members Meeting about last year’s CONNECTED MOBILITY progress, the incorporation of new Contribution of the railway industry to companies and the evolution of their the Mobility Strategy. more than 200 actions last year. Mafex companies’ representatives provides MAFEX INNOVATION COMMITTEE us with their view on the role of railway as The new membership of the Innovation the main character of sustainable mobility Committee consists of 20 companies and what they expect from the Public and technology centres.
    [Show full text]
  • 2021 Hornby International Range Presentation
    2021 Hornby International Range Presentation © Hornby Hobbies Ltd 2020. Private & Confidential.All details correct at time of printing and subject to change. RRPs used for illustrative purposes only. © Hornby Hobbies Ltd 2020. Private & Confidential.All details correct at time of printing and subject to change. RRPs used for illustrative purposes only. STEAM LOCOMOTIVES © Hornby Hobbies Ltd 2020. Private & Confidential.All details correct at time of printing and subject to change. RRPs used for illustrative purposes only. SNCF, steam locomotive 140 C État 140-101 to 140-370 is a class of 2-8-0 steam locomotive of the Chemins de fer de l'État, and subsequently the Société Nationale des Chemins de fer Français (SNCF). The 340 locomotives were ordered in three series. The first series, 70 locomotives, numbered 140-101 to 140-170 were built in France by Schneider et Cie. at Le Creusot, SACM at Belfort, and Fives-Lille. These were built and were put into service in 1913. NEW Code TOOL HJ2405 HJ2405S HJ2406 HJ2406S HJ2407 HJ2407S Availability December 2021 Steam locos Consumer benefits o Special Edition o Metal die-cast chassis with metal die-cast body shell o Directional lighting o Flywheel(s) © Hornby Hobbies Ltd 2020. Private & Confidential.All details correct at time of printing and subject to change. RRPs used for illustrative purposes only. SNCF, steam locomotive 040 D Nord The Alsace-Lorraine Class G 8.1 was a superheated, goods train, steam locomotive with four driving axles, and was based on the Prussian G 8.1. There were no design differences between the two.
    [Show full text]
  • Bulletin: SBS4DCC 2 EMD 16Cyl 645E3
    Bulletin: SBS4DCC 2 EMD 16Cyl 645E3 Manufacturer ESU Project number 74408 Project version R4 First introduced in 1965, the EMD 645 series is still in production on a by- request basis. It is one of the most popular locomotive prime movers ever produced. This version is an EMD 645E3 16cyl. It has been the most popular 645 produced. This is used in many prototypes including: GP40, GP40-2, GP40P, GP40P-2, GP40TC, SD40, SD40A, SD40-2, SD40T- 2, SDP40, SDP40F, F40PH, Australian National BL Class, GT26CW, DSB Class MZ, DDA40X (dual engine), RENFE Class 333, F40C, V/Line G class (original), DSB Class ME, and British Rail Class 59. We have incorporated many New Features in this Sound File including: -2 Stage Shaft Driven Air Compressor that runs faster when the Prime Mover runs faster. -Hand Brake Ratchet. -Brake Wheel Type Hand Brakes. -Both Regular Prime Mover and "Smart Start" Prime Mover. -Proper working Dynamic Brakes. PM Spools down to Idle and then rises as Dynamic Brake Fan Runs. AND The Engine Brakes faster due to Dynamic Brake motor Logic. -Throttle Sensitive Prime Mover Sound Paths. -Brand New Spitter Sounds. Slow and Fast! -Spitter Sounds upon shutdown for 1 minute then automatically turn off. Sound Slot 1 features an "EMD 16-645E with Turbo" Sound Slot 2 features an "EMD 16-645E with Turbo" Equipped with "Smart Start" If you would prefer the Smart Start Prime Mover change the following CVs to enable Sound Slot 2 instead of Sound Slot 1 CV31 = 16, CV32 = 2 ---------------------- CV430 = 2 Horns: As Default this file is equipped with a Leslie RS3L Horn.
    [Show full text]
  • Ertms Unit Assignment of Values to Etcs Variables
    Making the railway system work better for society. ERTMS UNIT ASSIGNMENT OF VALUES TO ETCS VARIABLES Reference: ERA_ERTMS_040001 Document type: Technical Version : 1.30 Date : 22/02/21 PAGE 1 OF 78 120 Rue Marc Lefrancq | BP 20392 | FR-59307 Valenciennes Cedex Tel. +33 (0)327 09 65 00 | era.europa.eu ERA ERTMS UNIT ASSIGNMENT OF VALUES TO ETCS VARIABLES AMENDMENT RECORD Version Date Section number Modification/description Author(s) 1.0 17/02/10 Creation of file E. LEPAILLEUR 1.1 26/02/10 Update of values E. LEPAILLEUR 1.2 28/06/10 Update of values E. LEPAILLEUR 1.3 24/01/11 Use of new template, scope and application E. LEPAILLEUR field, description of the procedure, update of values 1.4 08/04/11 Update of values, inclusion of procedure, E. LEPAILLEUR request form and statistics, frozen lists for variables identified as baseline dependent 1.5 11/08/11 Update of title and assignment of values to E. LEPAILLEUR NID_ENGINE, update of url in annex A. 1.6 17/11/11 Update of values E. LEPAILLEUR 1.7 15/03/12 New assignment of values to various E. LEPAILLEUR variables 1.8 03/05/12 Update of values E.LEPAILLEUR 1.9 10/07/12 Update of values, see detailed history of E.LEPAILLEUR assignments in A.2 1.10 08/10/12 Update of values, see detailed history of A. HOUGARDY assignments in A.2 1.11 20/12/12 Update of values, see detailed history of O. GEMINE assignments in A.2 A. HOUGARDY Update of the contact address of the request form in A.4 1.12 22/03/13 Update of values, see detailed history of O.
    [Show full text]
  • EU Invites 'Concrete' US Plan on Vaccine Patents
    RAMADAN 27, 1442 AH SUNDAY, MAY 9, 2021 16 Pages Max 43º Min 27º 150 Fils Established 1961 ISSUE NO: 18430 The First Daily in the Arabian Gulf www.kuwaittimes.net Kuwait’s travel agencies doubtful Jerusalem clashes wound Newcastle dent Leicester’s about industry rebound this year more than 200 Palestinians Champions League bid 3 5 15 Fajr 03:32 Shurooq 05:00 Dhuhr 11:44 Asr 15:20 Maghrib 18:29 Isha 19:54 EU invites ‘concrete’ US plan on vaccine patents Virus deaths top 4,000 in India as pope calls for patent waivers PORTO, Portugal: Europe yesterday passed the table,” Michel said at an EU summit in of others”. “A variant of this virus is closed the ball back to Washington in a debate over Portugal that discussed that subject, among nationalism, which prevents, for example, an Saudi: Only vaccinated COVID vaccine patents, pushing the US for a others. internationalism of vaccines,” he said. concrete proposal and a commitment to He added that the EU had doubts about The World Health Organization, India and can return to workplace export much-needed jabs. Germany’s the idea being a “magic bullet” in the short South Africa have all called for patents to be Chancellor Angela Merkel, speaking after a term and encouraged “all the partners to facil- temporarily suspended. RIYADH: Saudi Arabia said Friday ministry said it has administered summit of EU and Indian leaders, said the EU itate the export of doses.” France’s skepticism Meanwhile, new COVID-19 deaths surged that employees will only be allowed more than 10 million coronavirus had exported much of its own production and was plain, with President Emmanuel Macron past 4,000 for the first time in India yesterday to return to their workplace in per- vaccine doses, in a country with a that America should follow suit.
    [Show full text]
  • 01 PORTADA 1829 Maquetaciûn 1
    Economía Bolsa Destacado Dos años después de la moción de censura, en Los analistas recomiendan no aceptar Marín Quemada, ahora relevado una crisis económica sin precedentes, el la oferta de Providence, Cinven y KKR de la presidencia de la CNMC, un caso ejemplar Gobierno asegura que tiene proyecto y agenda para los próximos cuatro años MásMóvil, Es el momento de que Objetivo Sánchez: a la espera de una los órganos independientes salvar la legislatura guerra de opas lo sean de verdad P6 P15 P2 de la economía y la sociedad Año XXXIX Núm. 1.829. 2 euros. Lunes, 8 de junio de 2020 Director: José García Abad La prestigiosa jurista tendrá que vigilar un aluvión de ayudas públicas post Covid, la trasposición de tres directivas europeas y la liberalización ferroviaria Calviño abre la puerta de la CNMC a Cani Fernández Cani Fernández, candidata del Gobierno a presidir la CNMC, podría ocupar su cargo a principios de julio si su nombramiento supera los trámites parlamentarios. 2 8 al 14 de junio de 2020 CONFIDENCIAS Destacado Marín Quemada, ahora relevado de la presidencia de la CNMC, un caso ejemplar Es el momento de que los órganos independientes lo sean de verdad ■ N. L este problema bajo el título: “La regu- lación de los ‘lobbies’, a paso de tor- Este es el año de la r enovación de tuga” donde se informaba que sólo una buena parte de los órganos tres empresas del Ibex se “retratan” reguladores, teóricamente indepen- en el registro creado ‘ad hoc’ por la dientes y, salvo honrosas excepcio- CNMC al tiempo que su regulación nes, muy dependientes de quienes parlamentaria prometida languide- los nombraron.
    [Show full text]
  • Novelties 2021
    NOVELTIES 2021 Photo: Hannes Auer TRADITION AND PASSION www.fleischmann.de | N FLEISCHMANN PHOTO COMPETITION PLACE 2 PLACE 3 PLACE Photo: Photo: Rainer Wahl 2 www.fleischmann.de 1 2 3 PLATZ PLATZ PLATZ 1st place N | Dear FLEISCHMANN fans, in spite of an unusual model railway year, we hereby present to you our ideas for the year 2021 in this catalogue! At the same time, we would like to thank you for your loyalty and your enjoy- ment of our N-gauge models! Content: With the completely new design of the striking double diesel locomotive class V188, we are Steam locomotives 6-13 fulfilling a number of customer request for this massive locomotive. As usual from our current Electric locomotives 14-41 new designs, the implementation of the model naturally corresponds to today's standards. Diesel locomotives 42-55 Start sets 56-58 For friends of electric traction, the completely new designs of the SNCF BB 7200 as well as the Passenger coaches 60-71 Dutch series 1600/1700/18000 will appear. In addition to their contemporary technical equipment with a Next18 interface, these models stand out due to their authentic engravings and delicate Tank wagons 72-75 pantographs. Sliding wall wagon 76-79 Goods wagons 80-99 And there is plenty going on in the wagon sector, too! This year, the newly-designed UIC coa- Combinated transport 94-99 ches will finally roll into the shops of specialist dealers. We have also closed a gap in our range with the revision of the EW-IV-coaches and the completely new design of the EW-IV- FLEISCHMANN photo competition 2, 59, 104 dining coach.
    [Show full text]
  • 2019 Directors' Report of the Consolidated Group
    2019 DIRECTORS' REPORT OF THE CONSOLIDATED GROUP Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails. Index 1. CAF GROUP BUSINESS MODEL AND OUTLOOK ......................................................... 3 2. BUSINESS PERFORMANCE AND RESULTS ................................................................ 5 3. COMMERCIAL ACTIVITY ........................................................................................ 6 4. INDUSTRIAL ACTIVITY – Railway segment .............................................................. 9 5. R&D+i ACTIVITY - Railway segment ..................................................................... 11 6. SOLARIS ........................................................................................................... 13 7. INVESTMENTS ................................................................................................... 16 8. MAIN RISKS AND UNCERTAINTIES ....................................................................... 17 9. STOCK MARKET INFORMATION ............................................................................ 22 10. EVENTS AFTER THE REPORTING PERIOD ........................................................... 23 11. ACQUISITION AND DISPOSAL OF TREASURY SHARES ......................................... 23 12. PAYMENTS TO SUPPLIERS ................................................................................ 23 13. ALTERNATIVE PERFORMANCE MEASURES .........................................................
    [Show full text]
  • Issue No. 1 Summer 2006 INAUGURAL MEETING - LONDON 22Nd February 2006
    Issue No. 1 Summer 2006 INAUGURAL MEETING - LONDON 22nd February 2006 The meeting took place at the Model Railway Club and was attended by about 20 prospective members from all around the UK. A general discussion took place and introductions, suggestions and proposals were made. At this meeting a small committee was voted on and tasked with setting up the Society on a formal basis. The Committee members are: Chairman David Stevenson Secretary and Membership Secretary Charles Philips Journal Editor Michael Guerra Treasurer Tony Bowles (volunteered after meeting) Publicity & Exhibitions Myles Muncey Some of the names may be known to you, some not. No doubt in the first magazine we will write some short pieces about ourselves. The meeting was followed by a fascinating slide show given by Lawrie Marshall, the well-known author and photographer. Later Myles Muncey gave a short talk on modelling Iberian Railways. THE BASICS The remit of the Society is to stimulate interest in and disseminate information about railways on the Iberian Peninsular and the Balearic Islands. It was felt at this time that extending this remit to Spanish and Portugese speaking areas of the world would be too ambitious. It is proposed that a Society Journal be published four times a year and that this would be the main conduit between members. Local meetings and branches were also to be established wherever possible to encourage membership from the widest possible area. A fledgling library could be made available to members as time went on. Consideration would be given to organising trips from the UK, both formal and informal, as a way of enabling members to meet in a very convivial atmosphere and whilst indulging their passion for rail travel! MEMBERSHIP Membership was to be open to all and would entitle the member to receipt of the magazine, use of the Societies’ facilities and attendance and voting rights at an Annual General Meeting.
    [Show full text]