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GEC TO CREATE NEW COMPANY COMPETING WITH SIEMENS

In the Europe of 1992, it begins to look as if everybody who is anybody will be related to everybody else who counts: cross shareholdings between companies that are fierce competitors have long been a feature of the Japanese and German commercial scenes, but are very much the exception in the US and UK corporate cultures – but with its proposal to merge its power engineering and railway interests with Alsthom SA, the power company controlled by Compagnie Generale d’Electricite SA of Paris in a 50-50 joint venture, GEC Plc will create a company that will be a fierce competitor for Siemens AG in the same field – while on telecommunications it is proposing to create a company with Siemens that will face as its biggest competitor Alcatel NV which is controlled by CGE.

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CBR Staff Writer

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