Siemens AG has been given the go-ahead by the European Commission for its takeover of Invensys Plc's rail division

Siemens given go ahead for Invensys rail takeover

The £1.74bn takeover of a British rail technology company by Siemens has been cleared by The EU's competition watchdog.

The European Commission said the German industrial giant takeover of Invensys Plc's rail division does not violate competition rules since the merged body will continue to face strong competitors.

Siemens AG in November said the acquisition of Invensys Rail, which specialises in railway signalling software and technology, will strengthen its own automation unit based in Berlin.

The Munich-based company said Invensys Rail has about has around 3,200 employees and annual revenues of £775m.

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