Alstom bail-out flounders

Shares in Alstom plunged over 9% and were suspended from trading after the European Commission blocked French government plans to bail out the troubled French engineering group.

    Alstom in dire straits

    Shares in Alstom were suspended after they plunged 9.18% to 2.70 euros.

      

    A short while earlier, the European Union's executive arm had said in Brussels it was banning "in principle" the French state's plan to lead a rescue worth 2.8 billion euros ($3.1 billion) into the near-bankrupt Alstom.

      

    EU Competition Commissioner Mario Monti said he had proposed other ways for the French government to help Alstom that would not breach EU rules on state aid.

     

    The French authorities have until Monday to "publicly commit themselves not to participate in measures that would mean the irreversible involvement of the French state in Alstom", he told reporters.

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    Learn what India's parties' symbols mean by drawing them

    Learn what India's parties' symbols mean by drawing them

    More than 2,300 political parties have registered for the largest electoral exercise in the world.

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.