12:42:06 EDT Thu 06 Aug 2020
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Bombardier Inc
Symbol BBD
Shares Issued 2,128,091,942
Close 2020-06-19 C$ 0.465
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FP/wire say Bombardier's Alstom talks "well advanced"

2020-06-19 07:02 ET - In the News

The Financial Post reports in its Friday edition that Bombardier's chief executive officer said on Thursday that the Canadian company has held "well-advanced" talks with Alstom over remedies as it pursues regulatory approval for the sale of its rail division to the French giant. A Reuters dispatch to the Post says that the European Union antitrust regulators have set a July 16 deadline for a decision on whether to clear the French TGV high-speed train maker's bid for Bombardier Transportation, according to a filing on the European Commission website. "The discussions are going on between Alstom and us with the commission and there [are] remedies that have been discussed already," Bombardier CEO Eric Martel told reporters. "Those discussions are very open. They are well advanced also. We're quite comfortable with the plan we've proposed." Mr. Martel said. "I think that the discussions so far are extremely productive." The rail deal, worth up to $6.95-billion, is subject to regulatory approval and is expected to close in the first half of 2021. Bombardier plans to become a "pure play" jet maker when it completes the sale, but is wrestling with high debt and weaker demand amid the global COVID-19 pandemic.

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