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Yahoo BusinessFeb 17, 2020
Alstom to Buy Bombardier Train Unit for Up to $6.7 Billion
(Bloomberg) -- French train maker Alstom SA agreed to buy the rail unit of Bombardier Inc. for as much as 6.2 billion euros ($6.7 billion) to almost double in size, as the Canadian firm offloads assets following a costly expansion in aerospace.Alstom, based in Saint-Ouen, near Paris, will pay as little as 5.8 billion euros in the cash-and stock transaction outlined in a memorandum of understanding, according to a statement Monday. The acquisition is likely to add to earnings per share within two years and generate as much as 400 million euros in annual savings for Alstom within five years.Combining with Bombardier Transportation would make Alstom the clear No. 2 in rail equipment and help it counter the industry leader, China's CRRC Corp., which is increasingly targeting global sales. Alstom is making a second attempt to bulk up, after a plan to merge with the rail unit of Germany's Siemens AG was blocked last year by the European Union on antitrust considerations.Canadian pension fund Caisse de Depot et Placement du Quebec will become Alstom's biggest shareholder with an 18% stake, after reinvesting its 2 billion-euro holding in Bombardier Transportation and topping it up by 700 million euros.Alstom shares advanced 3.5% to 50.30 euros earlier Monday in Paris, after both companies confirmed the talks. Bloomberg News reported last week that negotiations were at an advanced stage, following its initial Jan. 21 report on the discussions.The merged rail business would have annual sales of more than 15 billion eur

Yahoo BusinessFeb 17, 2020
Jupiter Fund Snares Merian Global in $482 Million Deal
Feb.17 -- Jupiter Fund Management snapped up rival U.K. Asset Manager Merian Global Investors as the industry faces pressure to consolidate. The British fund manager will pay $482 million through the issue of new Jupiter shares to Merion shareholders with an additional deferred performance payout according to a statement we got today. Bloomberg's Sam Unsted reports on "Bloomberg Markets: European Open."

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