Siemens AG (USOTC:SIEGY)
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German railways company Deutsche Bahn AG seeks EUR45 million to EUR50 million compensation from Siemens AG (SI) for the late delivery of 16 ICE-3 trains, Bild am Sonntag says Sunday, attributing its information to industry sources.
The trains should have been in operation with Deutsche Bahn already in 2011 but Siemens would deliver eight to ten ICE-3 trains to the railways company only this year, after a one-year delay, according to Bild am Sonntag, which adds that the trains should be running in December.
Deutsche Bahn chief Ruediger Grube and Siemens Chief Peter Loescher have discussed a 17th ICE train to be delivered free of change, Bild am Sonntag says, adding that Siemens, according to railways experts, has "massive" problems with the suppliers of high-speed trains.
A Siemens spokesman told Dow Jones Newswires that he had no new information on the negotiations between Deutsche Bahn and Siemens, but either a cash penalty or a 17th train is the subject of negotiations.
A train would cost around EUR30 million, and an amount of this magnitude has already been booked since the first quarter, the spokesman said, adding it wasn't clear to him where the reported compensation figure of EUR45 million to EUR50 million came from.
Newspaper website: http://www.bild.de
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.