Bombardier offloads Alstom stake for $608.4 mln

By Reuters7 days ago

Updates with deal details, share pricing

MONTREAL, May 4 (Reuters) - Bombardier Inc BBDb.TO sold its 3.1% stake in French rail giant Alstom SA ALSO.PA for 506.2 million euros ($608.4 million) through a book building process to institutional investors, the Canadian business jet maker said on Tuesday.

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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 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.

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