PARIS, Nov. 12 (Reuters) – Alstom said Wednesday it plans to distribute to its shareholders of 3.5 to 4 billion euros as part of the sale of its energy in General Electric to 12.35 billion euros.
This redistribution will be in the form of a tender offer of shares to be submitted to the Extraordinary General Meeting of 19 December dedicated to the sale of GE energy division, we read in the report of the Board of the French group.
The specialist in electrical and railway equipment has therefore retain two thirds of the amount receivable from GE to strengthen its balance sheet and reduce its net debt, which stood at EUR 3.896 billion at September 30.
“The board wants to ensure a solid financial structure group to meet future operational needs and support its development, “said Alstom in a statement.
The deal, approved June 20 by the Board of Directors of Alstom, is expected to be close in the second quarter of 2015. The Board of Alstom and was confirmed unanimously, despite his initial choice a rival bid by Germany’s Siemens and Japan’s Mitsubishi Heavy Industries (MHI).
The Economy Minister Emmanuel Macron gave early November the green light to the sale of the division to GE Energy as part of an agreement which provides that Bouygues lend securities to the state and will grant a call option on 20% of Alstom’s capital for 20 months after the completion of the sale.
In the rail, supplemented by joint ventures in the energy that form with GE, Alstom said aim for a medium-term revenue growth more than 5% per year at constant scope and exchange rates, indicating that its operating margin should “gradually improve in the range of 5% -7%”
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