November 4, 2015 / 6:54 PM / 2 years ago

Alstom to launch share buy-back worth 3.2 billion euros

PARIS (Reuters) - French engineering group Alstom ALSO.PA said on Wednesday it would launch a share buy-back program worth 3.2 billion euros ($3.5 billion) on Dec. 23.

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

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 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 on Monday, helping it refocus on its transport business.

Reporting by Astrid Wendlandt; Editing by Matthias Blamont

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