The agreement narrows Bombardier's focus as the plane-and-train maker commits itself solely to business jets while casting off its largest division in part to help pay down US$9.3 billion in debt.
The acquisition also signals an effort by Alstom to scale up amid rising competition from China's state-owned CRRC, the world's largest train maker. Bombardier says the transaction will see Quebec pension giant Caisse de depot et placement, which owns a 32.5 per cent stake in Bombardier's train division, become Alstom's largest shareholder.
Bombardier says net proceeds from the deal will be between US$4.2 billion and US$4.5 billion after deducting the Caisse's equity position of roughly US$2.2 billion, as well as adjustments for debts and other liabilities.Alstom's purchase is expected to come under intense scrutiny from antitrust regulators in the European Union.
Good Bombardier is a total embarrassment.
I wish that were the end of liberal bailouts for bombardier and bonus’s for the executives but I fear not. Somehow with virtually no products left to sell Canadians will keep this albatross alive with taxpayer cash.
Are they going to give back the one billion dollars to the government for a bailout a few years ago.
Will Bonbardier be paying Canada back for all the bailouts JustinTrudeau gave them to keep jobs for Canadians? Ya I didn’t think so! I wonder how they will hide this many jobs lost .
Now TTC will have someone new to blame on late orders same plant different name
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