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

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.