Alstom to launch share buy-back worth 3.2 billion euros

Wed Nov 4, 2015 12:47pm EST
 
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PARIS (Reuters) - French engineering group Alstom (ALSO.PA: Quote) said on Wednesday it would launch a share buy-back program worth 3.2 billion euros ($3.5 billion) on Dec. 23.

Alstom said the program would concern as many as 91.5 million shares or 29.5 percent of its shareholder capital, at 35 euros a share.

Shares in Alstom closed up 4.12 percent at 30.99 euros before the announcement was made.

The company said the buy-back would be submitted for approval at a shareholder meeting on Dec.18.

French industrial conglomerate Bouygues (BOUY.PA: Quote) would take part in the share buy-back program and keep its stake unchanged at 29.2 percent, Alstom said.

Alstom completed a 12.35 billion euro ($13.41 billion) sale of its energy business to U.S. General Electric (GE.N: Quote) on Monday, helping it refocus on its transport business.

(Reporting by Astrid Wendlandt; Editing by Matthias Blamont)

 
The logo of Alstom is pictured on a building during an inaugural visit of the Alstom offshore wind turbine plants in Montoir-de-Bretagne, near Saint-Nazaire, western France, December 2, 2014. REUTERS/Stephane Mahe