Alstom India has received its shareholders’ approval to sell its Energy businesses to General Electric. The extraordinary shareholders meeting gathered shareholders holding 64.25% of the total number of shares and voting rights. The resolution relating to this transaction was approved by a majority of 99.187%.
The transaction remains subject to the authorizations required from a regulatory and merger control standpoint in a number of jurisdictions. Subject to that condition, the closing of the transaction is expected in the second quarter of 2015. It will be accompanied by the reinvestment by Alstom of part of the proceeds into joint ventures to be formed with General Electric and will be followed by a cash return to shareholders which could range between euro 3.5 billion and euro 4 billion and be implemented through a public share buy-back offer. Such offer would be submitted to a shareholders' decision after completion of the transaction.
Alstom is a global leader in power generation, power transmission and rail infrastructure. Present in India since 1911, Alstom has strong capabilities in engineering, manufacturing, project management and supply of products and solutions for infrastructure.
