Alstom said on Aug. 10 that it would “take into account” Bombardier's weak results earlier this month as it continues with plans to buy the Canadian company's rail business.
The French train maker in July secured European Union antitrust approval to acquire the Bombardier rail business, in a deal with an enterprise value of around 7.45 billion euros, aimed at making Alstom the world's second-largest rail maker after China's CRRC.
"However, the quarterly announcement points to unexpected and negative developments regarding Bombardier Transportation, which is currently facing challenges, especially when compared to the information available prior to the Feb. 17, 2020 announcement regarding Alstom’s intended acquisition of Bombardier Transportation," it added.
Bombardier said: “We are complying with all of the conditions of the MOU between Alstom, Bombardier and Caisse de dépôt et placement du Québec, and will continue to work towards executing a definitive agreement in a timely manner. We will provide any updates as appropriate.” Alstom shares were down 1.4% at 46.66 euros by 1500 GMT on Aug. 10. Bombardier’s B shares were down 1.2% at C$0.42.
CGAThompson I see a future with charter jets FinancialTimes
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