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Siemens and Alstom to merge their rail operations

German industrial giant Siemens AG will merge its rail businesses with French rival Alstom SA in order to create a European champion that can compete with the China’s state-owned CRRC Corp Ltd.

Siemens will take a stake of just above 50 percent of the joint venture, while Alstom's Henri Poupart-Lafarge will keep his position as chief executive.

The European rail industry has faced pressure from China Railway Rolling Stock Corporation recently. The latter has changed global market dynamics and continue to expand around the world, including in the U.S.

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