My layman's understanding was that GE and GE shareholders would together own 51% of the new company, with Wabtec shareholders the balance, but no group would have a majority stake.
Edit: for Wall Street Journal subscribers the article is here. Relevant quotes:
"GE shareholders will own 40.2% of the combined company, with GE owning about 9.9% after the deal, the companies said Monday. GE is required to sell its stake in the combined company within three years.
Wabtec shareholders will retain 49.9% of the combined company."
Edited by keelhauled, 22 May 2018 - 07:46 AM.