Alstom annoncerer tilbagekøb på 35€

Ganske som ventet bliver det med en pæn præmie at Alstom ønsker at købe 91,5 millioner aktier for, nemlig 35€. Nedenfor følger dagens meddelelse i sin helhed.


Following the completion of the transaction with General Electric regarding Alstom’s Energy activities, the Group proposes to return a part of the proceeds to its shareholders. In its session of 4 November 2015, Alstom’s Board of Directors decided to launch a public offer to buy back its own shares for an amount of 3.2 billion euros, concerning a maximum of 91.5 million of shares (or 29.5% of the total number of shares) for a unit price of 35 euros. The repurchased shares will then be cancelled.

The offer price results in a 17.6% premium over the closing price of 3 November 2015 and a 21.8% premium over the volume weighted average price of the month preceding 4 November 2015. It is determined according to a multi-criteria analysis which will be described in the information note of the offer. Alstom’s Board of Directors has selected the independent experts Duff & Phelps to attest to the fairness of the financial conditions of the operation for shareholders.

Alstom’s market capitalisation amounts to 9.2 billion euros and would reach 6 billion euros, in the case of a 100% contribution rate and based on the closing price of 3 November 2015. After the completion of the operation, the Group will be deleveraged and will rely on a strong balance sheet.

Bouygues, which currently owns around 90.5 million shares or 29.2% of Alstom’s capital, has announced its intention to tender to the offer a number of shares allowing to maintain its capital share following the offer at a level comparable to its current level.

The transaction will be submitted to the approval of a Shareholders’ Meeting to be conveyed on 18 December 2015, as well as a review by the Autorité des marchés financiers (the French financial markets authority). For information purposes, the offer would be opened from 23 December 2015 to 20 January 2016 with settlement-delivery of the shares scheduled for 28 January 2016.