Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Bombardier to exit its Alstom stake valued at $633 million

Published 2021-05-04, 04:54 p/m
© Reuters. FILE PHOTO: Bombardier's logo is seen on the building of the company's service centre at Biggin Hill
ALSO
-

MONTREAL (Reuters) - Canadian business jet maker Bombardier Inc. said on Tuesday it expects to exit its 3.1% stake in French rail giant Alstom (PA:ALSO) SA valued at around 527 million euros ($633 million) through a book building process to institutional investors.

Montreal-based Bombardier said it would sell its 11.5 million shares in Alstom, which it acquired as part of a 5.5 billion euros sale of its rail business to the French firm. The sale, which was completed in January, has turned Bombardier into a pure play business jet maker.

Bombardier said in a release that it would announce the results of the offering at the end of the bookbuilding process.

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

© Reuters. FILE PHOTO: Bombardier's logo is seen on the building of the company's service centre at Biggin Hill

($1 = 0.8322 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.