Business Alstom signs the takeover of Bombardier Transportation at a...

Alstom signs the takeover of Bombardier Transportation at a lower price – rts.ch

The French railway manufacturer Alstom announced Wednesday the signing of the contract to acquire Canadian Bombardier Transport for a price revised downwards, “expected to be up to 5.3 billion euros”.

The completion of the operation, which should give birth to the world’s number two rail, is now “expected for the first quarter of 2021”, said the French group in a press release. He previously expected a conclusion in the first half.

An extraordinary general meeting of shareholders is scheduled for October 29, 2020.

“A transformative step for Alstom”

The initial range of the transaction was between 5.8 and 6.2 billion euros. But Alstom had warned in August that it was going to take into account “unforeseen” difficulties in the rail branch of the Canadian group Bombardier in negotiations on the purchase price.

“The acquisition of Bombardier Transport represents a transformative step for Alstom. It will allow the group to accelerate on its strategic roadmap and to strengthen its leadership in a dynamic market context”, declared the CEO of the French manufacturer, Henri Poupart-Lafarge, cited in the press release.

“The financing structure of the acquisition remains identical to that communicated previously (…). As announced last February, under the new terms of the acquisition, the Caisse de depot et placement du Québec (CDPQ) will become the first Alstom shareholder with around 18% of the capital and voting rights, ”Alstom said.

The European Commission had conditionally authorized this takeover at the end of July, which took place a year and a half after the aborted marriage between Alstom and Siemens.

afp/ther

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