Ansaldo STS and Hitachi Rail Italy v Siemens and Alstom Before The EU Commission


Caiazzo Donnini Pappalardo & Associati assisted Ansaldo STS and Hitachi Rail Italy before the EU Commission in the procedure for the appraisal of the Siemens/Alstom proposed merger, that resulted in the prohibition of the transaction.

Ansaldo STS and Hitachi Rail Italy were recognised as interested third persons in the merger case due to the fact that they are direct competitors of Siemens and Alstom in the various relevant markets affected by the envisaged concentration (falling within the railway signaling and rolling stock sectors).

The transaction envisaged to merge the two major European players of the railway sector through the combination of the Siemens AG Mobility Division and Alstom SA, resulting in the creation of an entity – subject to Siemens AG sole control – holding a dominant position in certain signaling markets and in the market for very high-speed trains.

During the investigation the Commission raised various competition concerns in relation to the notified transaction, regarded as potentially leading to significant impediment to effective competition in the relevant markets within which, following the merger, the competitive pressure from remaining competitors would not have been sufficient to ensure effective competition.

In order to address the objections raised by the Commission, Siemens and Alstom had submitted a proposal of remedies that, however, the Commission deemed as not sufficient to eliminate the concerns that the transaction would result in a significant impediment to effective competition.

The companies were advised by a team led by partner Rino Caiazzo (in the picture) and including counsel Daniele Pilla, associate Enrico Di Tomaso and trainee Cecilia Solato.

Coordination of the respective in-house teams was led by Filippo Corsi (Senior Vice President, General Counsel and Chief Compliance Officer) and Cristiano Crinisio (Head of CEO Office) for Ansaldo STS, and by Sergio Paolini (General Counsel, Senior Vice President Legal, Corporate and Compliance) and Pierfrancesco Garimberti (Vice President Strategies & Project Financing Strategies, Sales & Program Management) for Hitachi Rail Italy.

Involved fees earner: Rino Caiazzo – Caiazzo Donnini Pappalardo & Associati (Cdp); Enrico Di Tomaso – Caiazzo Donnini Pappalardo & Associati (Cdp); Daniele Pilla – Caiazzo Donnini Pappalardo & Associati (Cdp); Cecilia Solato – Caiazzo Donnini Pappalardo & Associati (Cdp);

Law Firms: Caiazzo Donnini Pappalardo & Associati (Cdp);

Clients: Ansaldo STS, S.p.A.; Hitachi Rail Italy S.p.A.;