February 8, 2018 / 7:30 PM / a year ago

BUZZ-Bombardier: Snubbed in Caisse Montreal project

** Canadian plane-and-train maker’s shares down 1.68 pct at C$3.21

** Misses out on contract to provide rail cars for one of world’s biggest light rail systems in Montreal, a project led and financed by its biggest shareholder

** France’s Alstom and partner SNC-Lavalin awarded the contract, worth more than C$1 billion ($793 million), by Quebec’s public pension fund following tender process overseen by an independent committee

** Decision is a blow to the Quebec-based plane and trainmaker, which is in the middle of a five-year turnaround plan to cut costs and boost margins after years of heavy investments in its CSeries jet pushed it to the brink of bankruptcy in 2015

** Up to Wednesday’s close, stock had risen 28 pct in the last 12 months, compared with a 1 pct fall in the Toronto Stock Exchange 300 Composite index (Reporting by Taenaz Shakir in Bengaluru)

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