The French Ministry for the Economy and Finance (MINEFI) has granted German industrial group Siemens foreign investment clearance for the purpose of its merger with French rail manufacturer Alstom. The Ministry can restrict or prohibit foreign investments in specified industries in France and as such, the clearance represents a milestone in the striking merger of the two large companies.

In addition, France’s financial markets regulator Autorité des Marchés Financiers (AMF) granted Siemens an exemption from the mandatory filing of a takeover offer for the remaining shares of the new company after completion of the deal. The merger was first announced in September last year. The joint venture is to be named Siemens Alstom. Fifty per cent will be owned by Siemens and Alstom will supply the chief executive: Henri Poupart-Lafarge.