Alstom in major share buyback after General Electric deal

Paris

THE French industrial group Alstom said on Wednesday it planned to stage a 3.2-billion-euro (S$4.9 billion) share buyout following the sale of its energy assets to General Electric (GE).

Under the offer, 91.5 million shares, amounting to 29.5 per cent of capital, will be repurchased at 35 euros apiece and then cancelled under a strategy to refocus the company, it said. The offer price is a 17.6 per cent premium over Tuesday's market close, and 21.8 per cent higher than the weighted average for the previous month, it said.