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Alstom to launch share buy-back worth 3.2 billion euros

Published 04/11/2015, 17:46
Updated 04/11/2015, 17:50
© Reuters. The logo of French power and transport engineering company Alstom is pictured on the roof of the company's plant in Reichshoffen
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PARIS (Reuters) - French engineering group Alstom (PA:ALSO) said on Wednesday it would launch a share buy-back programme worth 3.2 billion euros (1.6 billion pounds) on Dec. 23.

Alstom said the programme would concern as many as 91.5 million shares or 29.5 percent of its shareholder capital, at 35 euros a share.

Shares in Alstom closed up 4.12 percent at 30.99 euros before the announcement was made.

The company said the buy-back would be submitted for approval at a shareholder meeting on Dec.18.

French industrial conglomerate Bouygues (PA:BOUY) would take part in the share buy-back programme and keep its stake unchanged at 29.2 percent, Alstom said.

Alstom completed a 12.35 billion euro sale of its energy business to U.S. General Electric (N:GE) on Monday, helping it refocus on its transport business.

© Reuters. The logo of French power and transport engineering company Alstom is pictured on the roof of the company's plant in Reichshoffen

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