Alstom, Bombardier shares fall after $6.7 billion rail deal

Shares of Alstom SA and Montreal-based Bombardier Inc fell on Tuesday after the ...

PARIS/MONTREAL - Shares of Alstom SA and Montreal-based Bombardier Inc fell on Tuesday after the French firm agreed to buy its Canadian rival’s rail division for up to 6.2 billion euros , a deal likely to draw scrutiny from competition regulators and unions concerned about job cuts.

Bombardier would use sale proceeds to cut its debt, which has been a concern for investors and rating agencies. Its net debt would drop to $2.5 billion once the deal closes in the first half of 2021. Bombardier Chief Executive Alain Bellemare said the company is focused on the “most resilient market segments,” of business aviation, including large cabin corporate aircraft and an aftermarket business that is “less susceptible to economic cycles.”Alstom executives have sought to quell concerns about any hurdles they might face over competition issues, after EU regulators blocked its attempt to merge rail assets with Germany’s Siemens AG last year.

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Reuters /  🏆 2. in US

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