AlstomOTCPK - Current
Fri, Aug. 26, 4:37 PM
- Alstom (OTCPK:ALSMY, OTCPK:AOMFF) says it signed a €1.8B ($2B) deal to design and build 28 new high-speed trains for Amtrak.
- Alstom also will provide Amtrak with long-term technical support and supply spare components and parts for the maintenance of the new trainsets.
- The trains will run on the Northeast Corridor between Boston and Washington, D.C.
Tue, Jun. 7, 11:45 PM
- A high-ranking former Petrobras (NYSE:PBR) executive has told investigators that General Electric (NYSE:GE) and Alstom (OTCPK:ALSMY, OTCPK:AOMFF) paid bribes to win contracts more than a decade ago, in the latest expansion of Brazil’s huge Car Wash corruption scandal.
- Nestor Cervero, who once headed PBR’s international division, claims he received $700K in bribes from Alstom in exchange for choosing the company to supply four turbines for power plant projects, and that he had second-hand information that GE also bribed an official to win turbine contracts.
- Cervero, who was convicted last year of crimes including corruption and money laundering, says he obtained information from an associate that Alstom and GE each paid $10M in bribes to former senator and former PBR exec Delcidio Amaral in the late 1990s or early 2000s.
- GE says it is "not aware of any irregularity or wrongdoing in the contracts mentioned.’’
Wed, May 25, 2:48 PM
- General Electric (GE +1.1%) is being sued by Alstom (OTCPK:ALSMY, OTCPK:AOMFF) for breach of contract related to the company's sale of its train signaling business to the French company last November.
- GE and Alstom have been unable to resolve disputes over whether the $800M purchase price should be adjusted, up or down, to account for working capital and net debt, according to a complaint filed yesterday in Manhattan's U.S. district court.
- Alstom says GE breached the contract by refusing to let the jointly designated independent accounting firm Deloitte resolve the disputes, instead launching an arbitration proceeding with the International Chamber of Commerce.
- The train signaling transaction was completed on the same day GE bought Alstom's energy business for an adjusted price of €9.7B ($10.8B).
Wed, Jan. 13, 6:23 AM
- General Electric (NYSE:GE) plans to cut 6,500 jobs in Europe over the next two years, including 765 in France, as it integrates Alstom's (OTCPK:ALSMY) energy units into its operations.
- A spokesman added that GE was also sticking to its promise to create 1,000 net jobs in France in the next three years, which the company pledged to win government support for the deal.
Dec. 31, 2015, 1:36 AM
- General Electric (NYSE:GE) will separate its renewable energy business from its power division, following the acquisition of Alstom's (OTCPK:ALSMY) energy business.
- The new unit, called renewable energy, will include wind- and hydro-power businesses acquired from Alstom.
- GE is also moving a part of its distributed power business, which makes turbines, to its oil and gas unit.
Dec. 18, 2015, 9:54 AM
- Bombardier's (OTCQX:BDRAF, OTCQX:BDRBF) consortium with Alstom (OTCPK:ALSMY, OTCPK:AOMFF) says it won a €3.3B contract ($3.6B) to supply 1,362 double-decker train cars to the Belgian national railway through 2021; the order is worth €2.1B for Bombardier, while Alstom will get the remainder.
- Meanwhile, Bombardier's CSeries commercial aircraft is certified by Canada's transportation regulator, following years of delays and cost overruns.
Dec. 2, 2015, 7:38 AM
- Alstom (OTCPK:ALSMY) should use the proceeds of the sale of its energy unit to make acquisitions abroad and could consider a tie-up with Bombardier (OTCQX:BDRAF, OTCQX:BDRBF), French Economy Minister Emmanuel Macron told senators on Tuesday.
- "Alstom's challenge is to grow...The reduction of its debt should help it acquire competitors abroad."
- Last month, Quebec's public pension fund manager said it would buy a 30% stake in Bombardier's rail business for $1.5B to provide a bigger cash cushion for its planemaking unit.
Dec. 1, 2015, 7:55 AM
- Alstom (OTCPK:ALSMY) has won two rail contracts in India worth up to €3.7B in the latest sign of the country’s accelerating investment in its outdated network.
- Alstom will invest €200M in a project to make and maintain electric locomotives for some €3.5B over 17 years and will also take a 74% stake in a joint venture with Indian railways to make the 800 vehicles in the state of Bihar.
- Previously: More billion dollar Indian railway contracts (Nov. 10 2015)
Nov. 10, 2015, 6:22 AM
- Alstom (OTCPK:ALSMY) has won a $3B contract to supply India's railways with electric locomotives, the second such multibillion-dollar deal announced this week.
- The French maker of subway cars and trains will supply 800 locomotives over a period of 11 years and will also establish a local manufacturing plant. General Electric announced a similar deal on Monday.
Nov. 4, 2015, 3:24 PM
- Alstom (OTCPK:ALSMY, OTCPK:AOMFF) says it will launch a share buyback program worth €3.2B from the proceeds of the sale of its power equipment division to General Electric, paying €35/share for a 13% premium over today's closing price in Paris.
- After handing over the cash to shareholders through the buyback, Alstom would start fresh with no debt and be ready to buy assets in the train manufacturing industry if opportunities arise, CEO Patrick Kron has said.
- Bouygues (OTC:BOUYF), Alstom’s largest shareholder, will sell shares in the buyback operation in a way to keep its stake in the company at 29.4%.
Nov. 2, 2015, 7:10 AM
- Following regulatory approval in over 20 countries and regions, General Electric (NYSE:GE) has completed the acquisition of Alstom's (OTCPK:ALSMY) power and grid business - its largest-ever industrial acquisition.
- Adjusting for JVs announced in June 2014, changes in the deal structure, price adjustments for remedies, net cash at close, and the effects of currency, the purchase price is €9.7B ($10.6B).
- The company expects the deal to generate $0.05-0.08 of earnings per share in 2016 and $0.15-0.20 of earnings per share by 2018.
- GE also announced today it has completed the sale of its rail signaling business to Alstom for approximately $800M.
Oct. 14, 2015, 5:53 PM
- The 14 companies that issued a joint statement today endorsing an international agreement to reduce carbon emissions included leaders of some of the world’s most carbon-intensive industries: coal miners BHP Billiton (NYSE:BHP) and Rio Tinto (NYSE:RIO), oil majors Shell (RDS.A, RDS.B) and BP, aluminum producer Alcoa (NYSE:AA) and cement maker LarfargeHolcim (OTCPK:HCMLF).
- A climate deal could eventually mean new taxes and regulations on products central to the companies’ business models, but the companies say they seek clear direction from world leaders to guide long-term investments and transparency to ensure all countries apply the same rules to emissions.
- While UN climate talks scheduled for December in Paris are not likely to result in a global price on carbon, individual countries are submitting their own plans that could lead to market opportunities for major players.
- The statement was also joined by Alstom (OTCPK:ALSMY, OTCPK:AOMFF), Calpine (NYSE:CPN), Hewlett-Packard (NYSE:HPQ), Intel (NASDAQ:INTC), National Grid (NYSE:NGG), PG&E (NYSE:PCG), Schneider Electric (OTCPK:SBGSF) and Siemens (OTCPK:SIEGY).
Sep. 22, 2015, 8:27 AM
- Alstom (OTCPK:ALSMY, OTCPK:AOMFF) is set to win a $2.5B contract to build the next generation of high-speed trains for U.S. rail operator Amtrak, U.S. Sen. Schumer says.
- The senator says the board of Amtrak was due to select Alstom for the contract today, paving the way for exclusive negotiations on the final details of the deal.
Sep. 8, 2015, 10:25 AM
- General Electric (GE +2.1%) officially wins European Union approval to buy most of Alstom’s (OTCPK:ALSMY +6.3%) energy business, as GE’s pledge to sell gas-turbine assets to an Italian rival helps ease antitrust concerns over the plan.
- GE says it will sell "central parts of Alstom’s heavy-duty gas turbines business” to Ansaldo Energia to ease the concerns of EU regulators that the deal would lead to higher prices in Europe for large gas turbines.
- GE also divest the long-term servicing contracts for 34 turbines that have already been installed by Alstom; GE has said that Alstom’s servicing contracts were a key part of the deal, but WSJ reports that the divested contracts amount to only 4% of Alstom’s total installed base.
Sep. 8, 2015, 4:54 AM
- European Union and U.S. antitrust regulators will today reportedly approve GE's (NYSE:GE) €12.4B ($13.9B) acquisition of the power business of French peer Alstom (OTCPK:ALSMY).
- The authorisation will come after months of wrangling, although it's not clear what conditions authorities will require for the deal to go through.
Sep. 1, 2015, 4:41 PM
- General Electric (NYSE:GE) is likely to win EU approval in the coming days for its $14B deal to buy Alstom’s (OTCPK:ALSMY, OTCPK:AOMFF) energy assets, Financial Times reports, citing people close to the deal who say GE has offered significant remedies.
- FT says sources at the European Commission and lawyers in Brussels believe GE had learned lessons from its failed 2001 attempt to buy Honeywell case, and noted that CEO Jeff Immelt had taken a far more diplomatic approach than his predecessor, Jack Welch; for example, Immelt visited the EU competition commissioner two times during negotiations.
- People in Brussels with knowledge of the case reportedly said technical points were still under discussion between GE and the EC but did not think those would stop the transaction from being approved.