French State Returns Alstom Shares to Bouygues
October 18 2017 - 4:37AM
Dow Jones News
By Nathan Allen
France's National Shareholding Agency said Wednesday it had
returned the 20% sharehold in Alstom SA (ALO.FR) lent to it by
Bouygues SA (EN.FR), in line with its commitment to the
train-maker's recently announced merger with Siemens AG
(SIE.XE).
The agency chose not to exercise the call option on the shares,
which expired Tuesday. After returning the shares, Bouygues
reclaimed its position as Alstom's largest shareholder with a stake
of around 28%.
Bouygues lent the shares to the French government as part of a
deal reached in 2016 to sell Alstom's energy assets to General
Electric Co. (GE). The government at the time was reluctant to let
more French industrial crown jewels fall into foreign control and
refused to sign off on GE's acquisition until it had secured most
of Bouygues's Alstom stake.
Since that time Alstom has focused exclusively on its transport
business and announced in September that it would merge with
Siemens's mobility business to create a pan-European train and
signaling manufacturer.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 18, 2017 04:22 ET (08:22 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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