By William Horobin
BELFORT, France--French economy minister Emmanuel Macron said
Thursday the state will likely use its option to buy shares in
Alstom SA's (ALO.FR) transport division, which would be created
after General Electric Co.'s (GE) takeover of Alstom's core energy
businesses.
Once the deal with GE closes, the French government will hold
20% of the voting rights in the new Alstom transport company by
borrowing shares from telecom-to-construction conglomerate Bouygues
SA.
Mr. Macron's predecessor, the outspoken leftist Arnaud
Montebourg, had also negotiated an option for the state to buy the
Bouygues shares it borrows.
"Because we have reserved [this option] we are in all likelihood
counting on using it," Mr. Macron said as he visited an Alstom
train assembly plant in eastern France.
Still, Mr. Macron, a former investment banker, said the state
wouldn't necessarily acquire the capital at the earliest
opportunity and only in the right conditions.
"It would need to happen at the right time and if it was
necessary," he said.
During his visit to the Belfort plant where Alstom is facing a
fall in orders, Mr. Macron sought to reassure employees with other
pledges. Notably, he said state owned-train operator SNCF will
launch a 50 million euro ($54.5 million) tender offer in June for
the engineering program for a future high-speed train.
Write to William Horobin at william.horobin@wsj.com
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