The European Commission has granted conditional clearance on a proposed combination of Wabtec Corporation and Faiveley Transport S.A. The approval is conditional upon a commitment to divest Faiveley Transport Gennevilliers (FTG), the sintered brake material activity of Faiveley Transport, representing sales of around 12 million euros.
The acquisition of the Faiveley family stake by Wabtec is expected to occur in the fourth quarter of 2016.
The proposed combination of Wabtec and Faiveley Transport remains subject to the approval of the buyer of FTG by the European Commission and to regulatory clearance in the United States. Both companies continue to cooperate with the U.S. Department of Justice to reach approval.