Alstom shares are up 15% over one year. (© Alstom)
The TGV manufacturer launches a capital increase of 2 billion euros to buy Bombardier Transport. Should we participate or not in the operation? Discover our advice.
The railway group do not waste time.
Less than a week after unveiling the half-year accounts – fiscal year ended at the end of March 2021 – marked by the resilience of its profitability, it launched its capital increase intended to finance the acquisition of the Canadian company Bombardier Transport, whose finalization is expected in first quarter 2021.
Three operations in one
The transaction is carried out with maintenance of preferential subscription rights (DPS) for an amount of approximately 2 billion euros.
This is far from covering the acquisition price of Bombardier Transport, which is expected to reach 5.3 billion euros (the final amount will be determined on the basis of the balance sheet situation of the Canadian during the finalization of the operation and adjustment mechanisms).
The plan includes two other capital increases which are reserved, one for the Caisse de dépôt et placement du Québec for a minimum amount of 2.6 billion euros, the other for Bombardier for a minimum of 500 million.
A bond issue of up to 400 million euros is also planned.
At the end of the transaction, the Caisse de depot et placement du Québec will become Alstom’s largest shareholder with 17.8% of the capital. Its commitment will be long term.
For his part,
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