We see better medium to long-term value creation in the Siemens proposal than in the GE possibility, both for Alstom, and also for either of the other two possible winners. This proposal is an unique opportunity to create two strong European Champions with global leadership aspiration in the fields of energy and transport, providing for a compelling industrial story while protecting the interests of both groups’ shareholders, employees, respective home countries France and Germany and ultimately the European interests as well. We do believe that Siemens is the most suited partner for Alstom, and clearly the favorite over GE, if any, however, there will be serious “antitrust” issues affecting any potential transaction, and we are advising for investors to rather focus on Siemens as an investment opportunity, rather than on any potential merger benefits, as we see little likelihood of neither takeover bids materializing.