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Wabtec and Faiveley Transport Meet With European Commission; Closing Now Expected In Fourth Quarter

WILMERDING, Pa., May 02, 2016 (GLOBE NEWSWIRE via COMTEX) --

Wabtec Corporation WAB, -1.48% and Faiveley Transport S.A. (euronext paris:LEY) met with the European Commission to review the progress of the Phase 1 regulatory approval process following notification to the Commission on April 4.

Following these discussions, the European Commission indicated that it would probably conduct a further investigation (Phase 2) commencing May 12 with respect to a few product areas affected by the combination. As a result, Wabtec and Faiveley Transport have revised the timing for closing of their transaction, which is now expected to occur in the fourth quarter of 2016.

Wabtec Corporation, with nearly 13,000 employees in more than 20 countries and 2015 annual sales of about $3.3 billion, is a global provider of value-added, technology-based products and services for freight rail, passenger...


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