EC To Conduct Further Investigation On Wabtec - Faiveley Transport Deal

(RTTNews) - Wabtec Corp. (WAB) and Faiveley Transport S.A. said that they met with the European Commission to review the progress of the Phase 1 regulatory approval process following notification to the Commission on April 4.

Following these discussions, the European Commission indicated that it would probably conduct a further investigation (Phase 2) commencing May 12 with respect to a few product areas affected by the combination. As a result, Wabtec and Faiveley Transport have revised the timing for closing of their transaction, which is now expected to occur in the fourth quarter of 2016.

In October 2015, Wabtec Corp. said that it has signed a definitive share purchase agreement to acquire from members of the Faiveley family approximately 51% of Faiveley Transport S.A., a leading global provider of value-added, integrated systems and services for the railway industry, for total purchase price of about $1.8 billion, including assumed debt.