Bouygues has it both ways with BNP-led forward sale of Alstom

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Bouygues has it both ways with BNP-led forward sale of Alstom

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The Occitanie Region presented on June 18, 2020, in Toulouse (France), the new "Regiolis Lio" trains. Electric or dual-mode, manufactured by Alstom, these 18 new trains financed by the Region will thus be received by the end of 2020. Photo by Patrick Batard/ABACAPRESS.COM | Batard Patrick/ABACA/ABACA/PA Images

BNP Paribas showed that structural creativity can achieve results in equity capital markets with a €462m block trade in Alstom stock on Tuesday evening. The bank used a forward sale structure to allow Bouygues to financially sell a 4.85% stake in Alstom now, but legally retain the shares until the end of next month so it can vote in favour of an acquisition.

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