Alstom to dispose of assets valued at E1.6bn

The French engineering giant Alstom has agreed to sell EUR 1.6bn of assets following the establishment of a EUR 3.2bn rescue package coordinated by the French government and the European Union competition authority. As part of the agreement, Alstom must shed businesses representing 10% of turnover or EUR 1.6bn. Alstom's crediting banks have committed to underwrite EUR 1bn of the capital increase with preferential subscription rights which will be submitted for shareholders at the group's Ordinary and Extraordinary Annual General Meeting to be held on 9 July 2004. Alstom has also launched the syndication of a bonding facility for a maximum of EUR 8bn which should cover the group's commercial needs for the next 24 months. The banks have already confirmed that they will provide EUR 6.6bn of this new facility, corresponding to approximately 18 months of new bonding.

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