CALDEIRÃO DE BOLSA

PARIS, July 13 (Reuters) - French heavy engineering firm
Alstom launched a 2.2 billion euro rescue share issue
on Tuesday, its third in as many years, as part of a
controversial state-backed bailout to avert its collapse.
Alstom shares dropped more than nine percent by midday as
the issue of new stock diluted shareholders' holdings.
The company said in a statement it was conducting a rights
issue worth a maximum of 1.565 billion euros, partly backed by
the French state. It was also undertaking a debt-for-equity swap
reserved for its creditors worth a maximum of 635 million euros.
The cash call could multiply the number of shares
outstanding by nearly five times, and will hand the state as
much as 31.5 percent of its share capital, strengthening its
debt-heavy balance sheet and reassuring its banks and clients,
but massively diluting shareholders.
"Fundamentally it's good news because it will hopefully
secure the group's survival," said one Paris-based trader. "But
I fear the stock will tumble in the short term with the number
of new shares created."
Alstom shares, which were suspended on Tuesday morning ahead
of the announcement, fell sharply as trading started. At 0950
GMT, the stock was down 9.5 percent at 0.76 euros.
The company's 2006 high-yield bond was unchanged at 99.75
percent of face value, traders said. The cost of insuring
against a default by Alstom fell around 10 basis points to 480
basis points. The price means it costs 480,000 euros per year to
insure 10 million euros of Alstom debt against default.
Under the rights issue, shareholders will be able to buy 14
new shares with five existing shares. The subscription price for
the new shares is 0.40 euros if paid in cash or 0.50 euros if
paid via conversion of debt.
The subscription period will last nine working days, from
July 20 to July 30 inclusive.
The French government, which already owns 18.5 percent of
Alstom, has committed to exercising its rights worth around 185
million euros. It will also subscribe to the issue by converting
500 million euros of Alstom debt.
A banking syndicate led by BNP Paribas , Calyon
and Societe Generale has also backed the
issue to the tune of 880 million euros.
As planned, Alstom also said it was launching a
debt-for-equity swap worth a maximum of 635 million euros, with
a subscription price of 0.50 euros. The subscription period
would also close on July 30.

BAILOUT
Shareholders approved the controversial rescue plan at a
meeting on Friday, and the maker of ultra-fast TGV trains,
cruise ships and gas turbines said it wanted to launch the
capital increase before the end of July.
The cash call forms the backbone of a controversial bailout,
which was approved by the European Commission only after Alstom
agreed to form strategic industrial partnerships over the next
four years. That might mean it cedes sole control of core
businesses, a move it plans to resist.
Chief Executive Patrick Kron said on Friday he wanted to get
the ball rolling as quickly as possible to woo back clients
jittery about Alstom's finances and to reassure its creditor
banks, who have agreed to extend the company billion of euros in
crucial guarantees needed to win new contracts.
Alstom shares have lost almost 90 percent of their value in
the past two years as the firm veered into financial crisis due
to costly technical faults, which have forced asset sales,
rights issues and eventually a government bailout.
The rescue package will safeguard its 70,000 jobs at a time
when the French government is trying to reduce high unemployment
in the euro zone's second biggest economy.
Under European Commission rules, the French government must
sell its stake in Alstom within four years.
(Additional reporting by Marie Maitre, Caroline Jacobs and
Juliette Rouillon)
((Reporting by Rebecca Harrison, editing by Steven Silber;
paris.equities@news.reuters.com; Reuters Messaging:
rebecca.harrison.reuters.com@reuters.net; +33 1 49 49 55 42))
($1=.8064 Euro)

Bom dia Colegas,


Podem deixar aqui um comentario desta acção?


Obrigado

Sur le plan opérationnel, les chiffres du premier trimestre dévoilés hier ont confirmé le redressement du groupe avec un carnet de commandes qui a gonflé de 41% à 3,9 milliards d'euros. Si le chiffre d'affaires sur le trimestre clos fin juin a décliné dans l'intervalle de 6% à 3,312MdsE, c'est en raison 'du faible niveau de commandes sur la première partie de l'exercice précédent' a précisé le groupe dans son communiqué (baisse des ventes dans les secteurs Power Turbo-Systems, Power Environment et Marine partiellement compensée par une amélioration dans les secteurs Transport et Power Service).Le président d'Alstom, Patrick Kron a souligné que ' les commandes du premier trimestre de l'exercice 2004/05 confirment la tendance positive que nous avons connue au cours du second semestre de l'exercice précédent. Nous considérons cette performance commerciale comme encourageante. Ceci renforce notre confiance dans nos perspectives de redressement '.

Les allègements observés sur l'action Alstom durant la seconde moitié de la séance hier se poursuivent ce matin puisque le titre du spécialiste des infrastructures de transport et d'énergie accuse un repli supplémentaire de 4,1% à 0,93E.Alstom, qui a obtenu hier le feu vert de la Commission européenne à son plan de restructuration, réunira demain ses actionnaires en assemblée générale afin d'obtenir leur aval à l'augmentation de capital de 1,5 à 2,2 milliards d'euros prévue dans le plan.Il s'agit là de l'ultime étape sachant que les deux premières (accord avec les banques et feu vert de Bruxelles) ont été franchies avec succès.Si les actionnaires devraient apporter leur caution à l'opération, l'augmentation de capital prévue risque d'occasionner un important effet dilutif. La décote assortie aux nouveaux titres émis sera un élément important à prendre en considération le moment voulu. Rappelons à ce propos que le quotidien la Tribune évoquait en début de semaine un niveau de l'ordre de 25% à 35% par rapport aux cours actuels.

vai aqui e vê

http://www.boursorama.com/infos/actuali ... ole=1rPALS

Não invistas numa acção sem saber falar a língua do país onde ela está cotada!

Boa sorte

BRUSSELS/PARIS, July 7 (Reuters) - French heavy engineering
firm Alstom won final approval on Wednesday from the
European Commission for a multi-billion-euro, state-backed
rescue plan and posted strong quarterly orders, boosting the
stock.
The 2.5 billion euro ($3.1 billion) deal saves the maker of
electrical generators, cruise ships and TGV high-speed trains
from collapse but also gives the French government a sizeable
stake in Alstom.
To counter the state's influence, the Commission has
required that Alstom find industrial partners. The new corporate
structures could take several forms, although a joint venture
with investment and control on a 50-50 basis is the only form
being used so far.
"These important measures -- including divestitures, opening
of the market and restructuring -- permit the re-establishment
of healthy competition," EU Competition Commissioner Mario Monti
said in a statement.
Alstom, which ran short of cash after costly strategic
errors, can now launch a crucial capital increase as soon as
next week if its shareholders also approve the plan at an annual
meeting on Friday.
"This confirmation is ... the second important step in the
implementation of the financing plan," Alstom said in a separate
statement. "The third one is the shareholders' meeting to be
held on July 9."
Alstom said its orders rose 41 percent in the first quarter
to end-June to 3.941 billion euros on a comparable basis,
stripping out changes in currency and the group's structure. On
the same basis, sales fell 6 percent to 3.312 billion euros.
"We see this commercial performance as encouraging," the
company said. "This provides us with good confidence to achieve
our turnaround."
Alstom has said it expects sales in the year to the end of
March 2005 to be roughly the same as last year's level.
Its shares were down 4.9 percent at 0.97 euros by the end of
the day, after earlier rising as much as 8.8 percent to 1.11
euros.

PARTNERS
As for the final rescue deal, reached in May by Monti and
French Finance Minister Nicolas Sarkozy, Alstom will have to
find industrial partners.
The Commission required that the first deal be in the
hydroelectric area, followed by deals in other major sectors.
The hydroelectric deal involves a 50-50 split.
"The Commission considers the commitments of partners as
essential to dispel all doubts about the long-term viability of
the enterprise," the Commission said.
The partners will be picked without the express
authorisation of the Commission, but must not be with companies
controlled by the French state. This is necessary, the
Commission said, to ensure there is not some form of state aid
in the partnerships.
In Berlin, Germany's Economy Ministry said the government
assumed the way is open for Germans to be among the partners.
"We, of course, believe that in the context of European
industrial policy that German companies should be treated the
same way as others if the process of opening Alstom to
competitors, as required by the Commission, happens," an Economy
Ministry spokeswoman told a regular government news conference.
Alstom had no comment on the spokeswoman's remarks. Alstom
recently angered Berlin by appearing to rule out any further
tie-ups with German engineering group Siemens AG .
In addition to the partnerships, Alstom will sell 1.6
billion euros' worth of facilities, although only 800 million
euros' worth have been identified.
The assets include Alstom's freight locomotive business in
Valencia, Spain, its transport division's business in Australia
and New Zealand and Alstom's industrial boilers business.
These sales will reduce the company's size by 10 percent, in
addition to cuts of 20 percent that Alstom had already
undertaken, the Commission said.
The company will also shift some of its global research and
development to India, where it works through a 51-percent-owned
unit, Alstom Projects India Ltd , the company said.
The deal requires improved competition in the train industry
in France, which the Commission said would "be to the benefit of
consumers".
The decision forbids acquisitions in transport by Alstom for
four years. The French authorities must also report on progress
in finding industrial partners to the Commission quarterly.
Finally, France will have to dispose of its stake in Alstom
within 12 months after the company obtains an "investment grade"
credit rating, but can hold it no longer than four years in any
event.
By some calculations the bail-out was worth 2.5 billion
euros, although it is possible to calculate the package in other
ways so its value is higher.
(additional reporting by Nick Antonovics in Berlin)
((Editing by Jane Baird; Reuters messaging
david.lawsky.reuters.com@reuters.net; e-mail
david.lawsky@reuters.com; +322-287-6811. Brussels newsroom))
($1=.8087 Euro)

Boas,

ALSTOM, alguem sabe mais de alguma coisa.

Bom Dia


Alguem me sabe dizer se sempre saiu no dia de ontem a decisão da comissão Europeia relativamente à aprovação ou não da reestruturação da alstom?

Sabem de mais alguma noticia da alstom?