Alstom, sembra un classico o la va o la spacca - gz
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By: GZ on Martedì 13 Luglio 2004 16:09
Non seguo Alstom, ma quando un titolo fattura 16 miliardi di euro e ne vale ora meno di un miliardo ed è sui doppi minimi degli ultimi anni vuole dire che è in bancarotta
Essendo francese però può essere salvato dallo stato a cui appartiene e quindi può essere un buy della disperazione della serie " o la va o la spacca" tipo Alitalia, ma un poco meglio
In effetti è interessante come rapporto rischio rendimento, ma occorrebbe leggere bene cosa gli succede. Se avessi più tempo ci guarderei perchè è un classico sia come grafico che come situazione disperata
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Alstom Set To Raise EUR2.2B In Cap Increase
By Greg Keller
Of DOW JONES NEWSWIRES
PARIS (Dow Jones)--Alstom SA (ALS) will seek to raise up to EUR2.2 billion in two capital increases to be launched later this month as part of the state-backed bailout of the troubled power and transport engineering company.
The two operations, one for shareholders and the French state, and the other reserved for creditors, will see the number of outstanding Alstom shares almost increase fourfold to 6.2 billion.
The new shares have been priced at EUR0.40, a 52% discount to the EUR0.84 Alstom was trading at before details of the capital increases were announced earlier Tuesday. They also are around a third of the EUR1.25 price at which Alstom last sold shares in November, 2003.
It is Alstom's third capital increase in two years as the maker of power stations, trains and ships has struggled to come to grips with over EUR3 billion in debt, while booking billions in losses over the last three years.
Alstom shares, which had been suspended from trading Tuesday morning ahead of the company's statement, dropped by more than 13% when trading resumed at 0945 GMT.
At 1120 GMT the shares were down EUR0.08 or 9.5% at EUR0.76, against a rise of 0.4% on the CAC-40 index.
"This is a great deal for banks and hedge funds who got in at the recent lows," said a Paris-based analyst, on condition of anonymity.
"But that's little consolation to longtime holders," he added, who've seen their investment in Alstom shrivel to near-nothing in recent years.
The company, famous for building the high-speed TGV trains seen zipping through the French countryside, nearly went belly-up last year due to collapsing markets for its power generation gear and technical faults with its heavy duty gas turbines that have cost EUR4 billion to put right.
The capital increases will be launched concurrently on July 20, and are scheduled to run through July 30.
The French state will have up to a 31.5% stake in Alstom following the capital increases, making it by far the group's largest shareholder.
