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Jul 9, 2020

Bombardier supports Alstom's sale of assets to win European approval to takeover

Bombardier out of TSX Composite Index


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MONTREAL - Bombardier Inc. says it supports Alstom's commitments to sell some of the Canadian transportation company's railway assets to address potential regulatory concerns with Alstom SA's US$8.2-billion acquisition of Bombardier Transportation.

Alstom has told the European Commission that it would transfer Bombardier's contribution to the V300 Zefiro very high-speed train platform, sell Bombardier's Talent 3 mainline train platform and production facilities with the Hennigsdorf site in Germany, and provide access to some of Bombardier's signalling and train control management systems.

It would also sell Alstom's Coradia Polyvalent mainline train platform and the Reichshoffen production site in France.

The moves will be done in consultation with appropriate employee representative bodies.

Bombardier also reaffirmed that the sale remains on track to close in the first half of 2021.

After selling its commercial aircraft business, the exit from railway operations will leave Bombardier to focus exclusively on business aircraft.