Wabtec Corporation (NYSE: WAB) said the U.S. Department of Justice has filed a proposed consent decree with the U.S. District Court in Washington, D.C. to approve Wabtec’s combination with Faiveley Transport S.A. (Euronext Paris: LEY). The proposed consent decree is seeking approval of a settlement resolving the DOJ’s concerns about the acquisition. The settlement is conditioned upon the sale of certain U.S. assets owned by Faiveley. Terms of the sale have already been agreed upon with the buyer and approved by the DOJ.
As previously disclosed, completion of the proposed combination of Wabtec and Faiveley Transport also remains subject to the European Commission’s approval of the buyer of Faiveley Transport Gennevilliers, the sintered brake material activity of Faiveley Transport.
After these divestitures have been completed, the acquisition of the Faiveley family stake by Wabtec is expected to occur in November 2016.
Wabtec Corporation is a global provider of value-added, technology-based products and services for freight rail, passenger transit and other industrial segments. Faiveley Transport is a global supplier of high added value integrated systems for the railway industry.
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.
About Faiveley Transport
Faiveley Transport is a global supplier in integrated systems for the railway industry.
The Group supplies manufacturers, operators and railway maintenance bodies worldwide with the most comprehensive range of systems in the market: Energy and Comfort (heating, ventilation and air conditioning ; power collectors and convertors, information and safety systems), Access and Mobility (platform doors & gates and access doors), Brakes and Safety (braking systems and couplers) and Services.