French train maker Alstom has announced a multibillion-euro offer to buy the rail business of Canadian engineering firm Bombardier, as it tries to bulk up to compete with big rivals, particularly from China. Alstom, which makes the French TGV high-speed trains, said in a statement yesterday it has signed an agreement with a view to the acquisition of 100 percent of Bombardier Transportation. The price will be 5.8 to 6.2 billion euros, which will be paid via a mix of cash and new Alstom shares. Buying Bombardier Transportation would help Alstom compete with China’s CRRC, which has been growing its business outside of its home country. Bombardier Transportation is focused on commuter trains and last year made almost US$8.5 billion in sales.

Source: The Standard February 18, 2020 02:43 UTC