Alstom’s Board of Directors met January 28, 2016 to review the results of the public share buy-back offer and the governance of the company.
Alstom’s public share buy-back offer, aiming to return part of the proceeds of the transaction with General Electric on its energy businesses to shareholders, was successfully completed with over 230 millions of shares tendered. Following the reduction mechanism, 91.5 million of shares representing around 29.5% of Alstom’s capital have been repurchased by Alstom.
The Board approved the cancellation of the shares repurchased for an amount of approximately $3.5 billion, bringing Alstom’s number of shares to approximately 220 million and its market capitalisation to $6 billion based on the day's closing price. At the end of the operation, Bouygues owns 28.3% of Alstom’s capital.
With regard to governance of the company, Patrick Kron presented his resignation from his duties as chairman of the board and CEO of Alstom. The Board of Directors accepted his resignation effective Feb. 1, 2016 and decided to entrust such duties to Henri Poupart-Lafarge, currently Director and Executive VP of Alstom.