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Former economics minister Sigmar Gabriel wants to be part of the board of directors of Siemens Alstom. The left accuses him of making the merger of the corporations possible.

Siemens Alstom: from Schroeder learned Nothing

Former economics minister Sigmar Gabriel wants to be part of the board of directors of Siemens Alstom. The left accuses him of making the merger of the corporations possible.

Siemens Alstom:   from Schroeder learned Nothing

The former economic and foreign Minister Sigmar Gabriel is to move into board of directors of planned Siemens Alstom Group. But his change to economy is particularly critical in opposition.

Sigmar Gabriel did not learn anything from Schroeder, said chairman of left, Bernd Riexinger. "Gabriel goes to board of directors of Siemens and Alstom and had threaded deal himself". Thus, Riexinger referred to former Chancellor Gerhard Schroeder, who after his tenure had changed to supervisory board of Nord Stream and RussischenStaatskonzern Rosneft.

The organisation LobbyControl also criticized rapid change in economy – although Gabriel, according to his own data, "strictly complies with newly created legal requirements" and has agreed to his new work with federal government. But spokesperson for LobbyControl, Timo Lange, demanded a longer period of grace. "We are calling for a cooling-off period of three years if a minister was directly involved in affairs of a company."

As economics minister, Gabriel 2014 was involved in anor takeover attempt between Siemens and Alstom, at that time it was about power plant sector. In end, US group General Electric was awarded contract for acquisition of part of Alstom business, and not – as requested by Gabriel – Siemens.

"I have a lot of respect for Sigmar Gabriel"

The corporate side of Siemens Alstom wants to benefit primarily from Gabriel's experience. "I have a lot of respect for Sigmar Gabriel," said Alstom chief Henri Poupart-Lafarge. The ex-minister knows international markets and is competent. The great international experience of Gabriel was also referred to in Siemens environment.

By end of year, ice manufacturer Siemens and French TGV manufacturer Alstom want to put ir business toger – if cartel authorities give ir consent. Toger, two companies will have a turnover of well 15 billion euros and would employ around 62,300 employees worldwide.

With ir merger, Germans and French want to stand up to new strong competition from China. The CRRC group has been well-connected in world-wide race for rail orders for several years. After all, railway business is an important step on road to Chinese state goal of closing up 2025 in all key technologies to West.

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