Alstom tidbitsA couple points of interest. First, Alstom said the outlay for BT will be 5.3B Euro composed I think of 2B worth of shares to CDPQ, 500M worth of shares to BBD and 2.8B cash to BBD. The 2.8B (Euro) cash to BBD has already been raised thru a 700M equity issue to CDPQ and 2B to existing Alstom shareholders. Yet they raised an additional 750M Euro in the 0% bond issue recently (which on December 3rd they said it would be 400M).
2nd thing is, the 2B they raised from Alstom French shareholders, was at 36.50 for 54.8M shares resulting in a total of 295M shares. If you add CDPQ's ~60M shares (2700/44.5) and BBD's ~10M, you have a total of 365M shares. That is not 18% for CDPQ but more like 16.4% - way more shares were issued than expected. Alstom's principal shareholder Bouygues was especially mentioned as well in that capital increase.
My point: There's a lot of stuff we don't know about the Alstom BT transaction and its only when its signed, sealed and delivered that will we know the final outcome and how it affects BBD's balance sheet.
GLTA