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

By Sam Kerr
30 Sep 2020

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.

BNP Paribas was bookrunner on the sale of 11m shares in Alstom, the French maker of trains and railway equipment.

The shares were sold on behalf of Bouygues, the French industrial group, which holds a 14.5% stake in Alstom.

A source close to the deal said Bouygues ...

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