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ALSTOM to take majority stake in Fiat Ferroviaria

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ALSTOM and FIAT have just concluded an agreement by which
ALSTOM will take a 51% stake in Fiat Ferroviaria, the Italian
group's subsidiary specialised in rail transport equipment.

Fiat Ferroviaria has annual direct sales of approximately
375 million euros, and indirect sales of 110 million euros via
its 50-50 joint-venture with ALSTOM, West Coast Traincare. It
employs 2300 people in Italy, Switzerland and the UK. The
company is specialised in the design and manufacture of rolling
stock, associated equipment (propulsion and bogies), as well as
maintenance services.

Fiat Ferroviaria is the world leader in tilting technology
its tilting trains designed for existing intercity main
lines have been sold in Italy, Finland, Israel, Spain, Germany
and Switzerland. More recently, ALSTOM and Fiat Ferroviaria
have created a consortium for the supply and maintenance of the
UK's West Coast Main Line fleet of high-speed tilting trains,
operated by Virgin Trains. The project, worth 1.8 billion
euros, is the largest rail contract ever signed in the UK.

The transaction with Fiat will enable ALSTOM to
significantly strengthen its position on the Italian and Swiss
rail markets, and take full advantage of the rapidly growing
market opportunities for tilting trains.

Michel Moreau, President of ALSTOM Transport, commented:
'This acquisition, which seals many years of successful
co-operation, will enable ALSTOM to benefit from Fiat
Ferroviaria's excellent reputation on the Italian market and
abroad, to complete its product range and know-how, and to
reinforce its position as the world's leading supplier to the
rail industry.'

The transaction values the whole of Fiat Ferroviaria at
approximately 300 million euros equity value and will be
finalised at closing.

The transaction is subject to customary regulatory
approvals.

Notes to Editors

FIAT

Fiat is a leading Italian Group engaged in the auto, truck,
agricultural and construction equipment industries and in other
industrial and service activities related to the automotive
industry.

The Group employs 221,000 people worldwide and had net
revenues of 48.1 billion euros in 1999.

ALSTOM

ALSTOM is the global specialist in energy and transport
infrastructure. The company serves the energy market through
its activities in the fields of power generation, power
transmission and distribution, power conversion and electrical
contracting and the transport market through its activities in
rail and marine.

Following the full integration of the power generation
activities, ALSTOM today has annual sales in excess of 20
billion euros and employs more than 140,000 people in over 70
countries.

The Company is listed on the Paris, London and New York
stock exchanges.

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