By Kim Richters 
 

Bouygues SA said Tuesday that it will sell part of its stake in Alstom SA, entering a forward sale transaction with BNP Paribas SA.

The French construction-and-media conglomerate plans to divest 11 million shares, or an approximately 4.8% stake, in Alstom, saying the deal "will provide Bouygues with increased financial flexibility."

It expects the transaction settlement on Nov. 3.

The French bank is the sole coordinator for the transaction and will conduct an accelerated bookbuild offering to qualified investors.

Bouygues currently holds around 32.9 million shares, or 14.5%, of the French train maker's share capital. It previously sold 29.15 million Alstom shares in September last year.

Bouygues also said it will be voting in favor of Alstom's planned takeover of Bombardier Transportation at the extraordinary shareholders' meeting on Oct. 29.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

September 29, 2020 12:27 ET (16:27 GMT)

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