Siemens and Alstom's decision to merge their rail operations is about business and not politics, according to the companies' CEOs, despite the deal being framed as a response to China's advancing dominance.
"The rationale is undoubtedly (to do with) business, it's a unique opportunity to create a global leader and a European champion … in a dynamic market," Alstom CEO Henri Poupart-Lafarge said. He added the deal would create a "world leader" in the rail business.
"We're combining our forces both in terms expertise … to create this new champion," he said.
Meanwhile, Siemens CEO Joe Kaeser said the deal would make the two companies more competitive and that the merger was a "compelling" deal.