Bombardier offloads Alstom stake for $608.4 million By Reuters

© Reuters. FILE PHOTO: Bombardier’s logo is seen on the building of the company’s service centre at Biggin Hill, Britain March 5, 2018. REUTERS/Peter Nicholls

MONTREAL (Reuters) -Bombardier Inc sold its 3.1% stake in French rail giant Alstom (PA:) SA for 506.2 million euros ($608.4 million) through a book building process to institutional investors, the Canadian business jet maker said on Tuesday.

The stake was acquired as part of a 5.5 billion euro sale of its rail business to the French firm. The deal, which was completed in January, has turned Bombardier (OTC:) into a pure play business jet maker.

Bombardier said following the settlement of the offering, the company will have fully exited its stake in Alstom.

Montreal-based Bombardier said its holdings of 11.5 million shares in Alstom were sold at 44 euros each.

The offering will take place on May 7, the company said.

Bombardier closed down 2.11% in Toronto trading, while Alstom shares ended flat in Paris.

($1 = 0.8320 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button