Alstom announces a public share buy-back offer

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IN THE UNITED STATES OF AMERICA

NOT TO BE FORWARDED TO ANY PERSON OR ADDRESS IN THE UNITED STATES OF AMERICA

Following the completion of the transaction with General Electric regarding Alstom’s Energy activities, the Group proposes to return a part of the proceeds to its shareholders. In its session of 4 November 2015, Alstom’s Board of Directors decided to launch a public offer to buy back its own shares for an amount of 3.2 billion euros, concerning a maximum of 91.5 million of shares (or 29.5% of the total number of shares) for a unit price of 35 euros. The repurchased shares will then be cancelled. 

The offer price results in a 17.6% premium over the closing price of 3 November 2015 and a 21.8% premium over the volume weighted average price of the month preceding 4 November 2015. It is determined according to a multi-criteria analysis which will be described in the information note of the offer. Alstom’s Board of Directors has selected the independent experts Duff & Phelps to attest to the fairness of the financial conditions of the operation for shareholders. 

Alstom’s market capitalisation amounts to 9.2 billion euros and would reach 6 billion euros, in the case of a 100% contribution rate and based on the closing price of 3 November 2015. After the completion of the operation, the Group will be deleveraged and will rely on a strong balance sheet. 

Bouygues, which currently owns around 90.5 million shares or 29.2% of Alstom’s capital, has announced its intention to tender to the offer a number of shares allowing to maintain its capital share following the offer at a level comparable to its current level. 

The transaction will be submitted to the approval of a Shareholders’ Meeting to be conveyed on 18 December 2015, as well as a review by the Autorité des marchés financiers (the French financial markets authority). For information purposes, the offer would be opened from 23 December 2015 to 20 January 2016 with settlement-delivery of the shares scheduled for 28 January 2016.

Patrick Kron, Alstom’s Chairman & Chief Executive Officer, declared: "As planned, we propose to distribute to our shareholders a part of the proceeds of the transaction with General Electric, through a public share buy-back offer. Alstom, refocused on its transport activities, will have a solid balance sheet to enable an ambitious growth strategy. I am counting on the support of our shareholders, who have approved the project with General Electric in the Energy sector by over 99%, to bring this public share buyback offer to its successful conclusion."

About Alstom 
As a promoter of sustainable mobility, Alstom develops and markets systems, equipment and services for the railway sector. Alstom manages the widest range of solutions in the market – from high-speed trains to metros and tramways – and associated maintenance, modernisation, infrastructure and signalling solutions. Alstom is a world leader in integrated railway systems. It recorded sales of €6.2 billion and booked €10 billion of orders in the 2014/15 fiscal year. Headquartered in France, Alstom is present in over 60 countries and employs 32,000 people today.

Contacts:
Press contacts
Linda Huguet / Justine Rohée – Tel. + 33 1 57 06 10 42 / 18 81
linda.huguet@alstom.com / justine.rohee@alstom.com

Investor relations
Selma Bekhechi – Tel. + 33 1 57 06 95 39
selma.bekhechi@alstom.com

This press release does not constitute an offer to sell or acquire securities, or a solicitation of any kind in view of such an offer, directly or indirectly, in the United States or any country other than France where such an offer or solicitation would be illegal, could not be made validly, or would necessitate the publication of a prospectus or accomplishment of any other formality applicable under local law. The offer to purchase described herein has not and will not be registered with the United States Securities and Exchange Commission and will not be opened to holders in the United States.  
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