Gwénaëlle Barzic and Allison LampertMontreal — France’s Alstom said on Monday it had agreed to buy the train division of Canada’s Bombardier for up to €6.2bn, in the latest bid by Western rail companies to bulk up in the face of Chinese competition.
Alstom was blocked in 2019 by European regulators from merging with Germany’s Siemens, while a previous flirtation between Siemens and debt-laden Bombardier to combine some train businesses fell apart in 2017. The companies said they expected the deal to close in the first half of 2021, after clearance from regulators.
European regulators had argued the Alstom-Siemens deal could hurt competition and lead to higher prices for consumers. It said on Monday it would receive net proceeds of between $4.2bn and $4.5bn from the transaction, once a portion goes to Caisse, and added it would use the funds to pay down some of its $9.3bn in debt.Last week, Bombardier sold its stake in the A220 passenger jet programme to Airbus and the Quebec government.
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