conditions remain to be completed tersely explained the purchaser

To the surprise and then the operation, in preparation for five months, has mobilized up to 150 people, Bouygues (advised by Rothschild) announced yesterday the purchase to the State (recommended by Merril Lynch) of its 21,03 turnout in the capital of Alstom at a price of 68,21 euros per share, or an investment of EUR 2 billion. This major strategic transaction has three immediate consequences: Alstom stabilizes its shareholders, Bouygues is the fourth trade which he dreamed and the taxpayer derives 1.26 billion of capital gain from the sale of Alstom securities acquired by the State in July 2004 under the plan of rescue of the manufacturer of railway equipment and equipment and services for the production of electricity. The conditions imposed by the European Commission for the approval of this plan, the State would resell this participation prior to July 2008.

This assignment, which is of Bouygues the first shareholder of Alstom on the side of institutional investors (57 of the capital), individual shareholders (21) and employees (1), is subject to the agreement of Brussels and the actual transfer activity Alstom Marine's Norwegian Aker Yards, scheduled late may, following a new report. The first step should be a formality: the two groups is not present on the same trades, their rapprochement will not impact in terms of competition. For the second, "... conditions remain to be completed", tersely explained the purchaser.

In programmed State disengagement, "the doomsday scenario would have been that Bercy to sell its securities to financial intermediaries who then put the paper, because we need a shareholder in the period," noted Patrick Kron, CEO of Alstom yesterday. Bouygues offers precisely that stability, in pledging to keep his participation for at least three years. It may even strengthen a bit, up to 33.3 of the capital. "But we do not project beyond mount ce threshold" of initiation of a public offer of achat on Alstom, said Martin Bouygues, the CEO of the Group of construction and communication.

Financially, the participation in Alstom, which will be equivalent in its accounts, will have a positive impact in 2006 on the net result of Bouygues. The investment will increase by 2 billion net debt of the group, but the person can afford: its available cash will be sufficient to finance the operation there will be no increase in capital and the Standard & Poor's Agency has maintained its did note with stable Outlook.

A beautiful batch of consolation

However, the major interest is not so much financial industrial. Seeking a new relay of growth next to BTP, historical trade, communication and mobile telephony, Bouygues had temporarily abandon its ambitions in nuclear power by virtue of the will of the Government not to open the capital of Areva. Default and intelligently led, a partnership with Alstom is a beautiful batch of consolation. Alongside the capital agreement, groups indeed announced the signing of a memorandum of operational and commercial cooperation to carry and carry out all major transport and energy infrastructure projects in the world (read below). They finally plan to create a joint company on the market of hydroelectric power stations.

Alstom was hired in 2004 the European Executive to find a partner for this activity that generates $ 800 million to 1 billion euros of turnover annual. In this context, once it will be filialisée, Bouygues will take 50, with an additional investment of "100 million to 200 million", said Patrick Kron.

Last illustration of this alliance: men. The Board of Directors of Alstom will propose to the general meeting of shareholders the appointments as directors of Olivier Bouygues (brother of Martin) and of Olivier Poupart-Lafarge, Director-General delegate of Bouygues, whose son Henri Poupart-Lafarge is the Chief Financial Officer... Alstom!