By Anthony Shevlin 
 

Siemens AG (SIE.XE) and Alstom SA (ALO.FR) on Friday proposed future board of directors members for the proposed combination of Siemens's mobility business with Alstom.

Siemens said it is proposing Roland Busch, a member of the managing board of Siemens, to serve as chairman of the combined entity's board of directors in addition to his current duties. Yann Delabriere, who is currently lead director of Alstom's board, would be appointed as vice-chairman of the board as an independent director.

These nominations are subject to the approval of Alstom shareholders as well as completion of the deal itself following the approval by various authorities.

Siemens said the board of directors of the combined company will consist of 11 members, six of whom--including the chairman--are to be appointed by Siemens. Four independent members and the chief executive will complete the board. The news follows the announcement made on Sept. 26 that Henri Poupart-Lafarge will continue to serve as chief executive of the combined company as well as be a member of the board of directors.

Both Siemens and Alstom said they have entered into a business combination agreement which sets forth the terms and conditions agreed upon by the two companies. Closing is expected at the end of 2018, said Siemens.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

March 23, 2018 14:09 ET (18:09 GMT)