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[ariane] 17/5/2004 19:19

PARIS (AFX) - Alstom SA's creditor banks are likely to approve the rescue
plan discussed today between the European Commission and the French finance
ministry, to save the troubled engineering group, a banking source said.
[e-mail]
fol/sr/jlw

[ariane] 17/5/2004 15:38

PARIS (AFX) - The rescue plan for troubled engineering company Alstom SA
discussed between the European Commission and the French finance ministry
involves "targeted disposals" and will not break up the company, an EU source
close to the matter said.
The plan will not close down the company's Belfort site, the source added.
Earlier EU competition commissioner Mario Monti said there is "the basis for
an agreement this week" on the French government's planned bailout package for
the company.
[e-mail]
od/sr/jlw

[ariane] 17/5/2004 15:00

(Updates with quotes from Sarkozy)

BRUSSELS (AFX) - EU competition commissioner Mario Monti said there is "the
basis for an agreement this week" on the French government's planned bailout
package for Alstom.
"We are very close to an accord on the undertakings of the French government
regarding Alstom, which should be finalised by the end of this week," Monti said
after meeting with French finance minister Nicolas Sarkozy.
Such an agreement "would enable me to propose a positive decision" to the
rest of the European Commission, he said.
Sarkozy said: "From the moment that the commissioner says there is the basis
for an agreement that means there will, conditionally, be satisfaction on both
sides: the commission, which has done its duty with respect to its principles,
and France, which has committed itself to ensuring the survival of this large
industrial group, Alstom."
aud-dt/far/phr/vm/wf

[ariane] 17/5/2004 08:03

FRANKFURT (AFX) - ThyssenKrupp AG said it signed a letter of intent with One
Equity Partners (OEP) to merge ThyssenKrupp Werften with Howaldtswerke-Deutsche
Werft (HDW) in a 240 mln eur deal.
OEP will receive 240 mln eur in cash and a 25 pct stake in the new
shipbuilding group controlled by ThyssenKrupp. The German steel conglomerate
will hold 75 pct.
Such a move could be a prelude to the creation of a European shipyard giant
along the lines of defence giant EADS, earlier press reports said,
particularly as France's Thales SA and state-owned DCN are also in tie-up talks.
amk/vs

[ariane] 17/5/2004 08:02

FRANKFURT (AFX) - ThyssenKrupp AG said it signed a letter of intent with One
Equity Partners (OEP) to merge ThyssenKrupp Werften with Howaldtswerke-Deutsche
Werft (HDW) in a 240 mln eur deal.
OEP will receive 240 mln eur in cash and a 25 pct stake in the new
shipbuilding group controlled by ThyssenKrupp. The German steel conglomerate
will hold 75 pct.
Such a move could be a prelude to the creation of a European shipyard giant
along the lines of defence giant EADS, earlier press reports said,
particularly as France's Thales SA and state-owned DCN are also in tie-up talks.
amk/vs

[ariane] 15/5/2004 16:12

LONDON, May 14 (New Ratings) - Analysts at Deutsche Bank downgrade Alstom (ticker: AOM ) from "buy" to "hold." The target price has been reduced from €2.5 to €1.2.

Shares of Alstom, a provider of technologically advanced products and systems for the world’s energy and transport infrastructure, are currently trading at €1.2.

According to Deutsche Bank's research note published this morning, Alstom is expected to significantly restructure the company in the near term. The downgrade in rating is based on the limited visibility into the restructuring process, which may include a change in Alstom’s debt-equity mix and the disposal of certain divisions of the company.

The restructuring programme may be driven by certain requirements from the company's lending banks and the European Commission, the analysts add. Deutsche Bank expects the associated uncertainties to raise concern among equity investors and the company's clients. Alstom is scheduled to report its full year results on May 26, with sales and pre-tax losses of €17 billion and €0.95 billion, respectively.

The EPS estimates for 2003, 2004 and 2005 are -€2.02, -€0.22 and -€0.02, respectively.

[grupo guitarlumber] 14/5/2004 16:44

Among second-liners, Alstom gained 0.02 to 1.17, halting the steady losses
over previous sessions, following a report that Finance Minister Nicolas Sarkozy
has proposed asset sales in order to secure EU Commission approval of another
financial restructuring for the engineering group.
This afternoon, Sarkozy maintained that he is "convinced" a solution for
Alstom will be found, and he is expected to meet with Competition Commissioner
Mario Monti again next week.
[e-mail]
js/cmr

[grupo guitarlumber] 14/5/2004 14:52

LONDON, May 14 (New Ratings) – Analyst Ben Uglow of Morgan Stanley maintains his "overweight" rating on Alstom (AOM.FSE). The target price is set to €2.60.

In a research note published this morning, the analyst mentions that Alstom is expected to form an industrial partnership with Areva, Siemens or both the companies. The concerns surrounding the partnership’s negative implications for the company’s shareholders is unjustified, the analyst believes. Morgan Stanley expects the EC to modify the current bond package and call for a private sector solution.

[grupo guitarlumber] 14/5/2004 14:12

Alstom and DOE to develop hybrid combustion-gasification chemical looping process

14 May 2004 - Alstom announced that it is participating in a U.S. Department of Energy (DOE) project to develop and verify a novel hybrid combustion-gasification chemical looping concept for ultra-clean, low cost, high efficiency coal power generation.

Alstom will develop the hybrid combustion-gasification process using high temperature chemical and thermal looping technologies. The process is based on the oxidation, reduction, carbonation, and calcination of calcium-based compounds to chemically react with coal, biomass, or opportunity fuels in two chemical loops and one thermal loop.

Alstom has completed engineering studies and bench-scale tests on the chemical looping process and determined that this process has the potential to meet ultra-clean low emissions targets, including CO2 capture, at a cost and efficiency that is about the same as today's power plants. Project participants include U.S. DOE, Alstom, Parsons Energy & Chemical Group, Inc., ABB Lummus Global, Inc., and PEMM Corporation.

Pilot-scale process testing is now underway at Alstom's Power Plant Laboratories research complex in Windsor, Connecticut, USA.

The DOE's Office of Fossil Energy, which will oversee the research, has set goals for advanced power systems to have near-zero emissions, fuel flexibility, high-value products, high process efficiency, and cost competitiveness. The continued use of fossil fuel based energy must be matched by combining energy availability at reasonable prices with increasingly clean environmental performance throughout the energy life cycle of production, conversion, and end-use.

The chemical looping process components can be configured alternately as a combustion-based steam power plant with or without CO2 capture or as a hybrid combustion-gasification process producing syngas, or ultimately, as an integrated hybrid combustion-gasification process producing hydrogen for gas turbines, fuel cells or other hydrogen based applications while also producing a separate stream of CO2 for use or sequestration. "By developing and deploying these configurations as independent steps," says John Marion, Director of Global R&D and Power Plant Laboratories for Alstom's Utility Boiler Business, "this new concept offers the promise to become the technology link from today's Rankine cycle steam power plants to tomorrow's advanced power generation plants,"


Funding for the $4m program is partially provided by a grant by the U.S. Department of Energy under Instrument Number DE-FC26-03NT41866. Alstom is committed to developing chemical looping technology for fossil fuel based power generation and is providing significant co-funding to the project.

[grupo guitarlumber] 14/5/2004 07:22

Chirac supports Alstom 'partners'
By Martin Arnold in Paris
Published: May 14 2004 5:00 | Last Updated: May 14 2004 5:00

Jacques Chirac, the French president, yesterday sought to play down the awkward relations between France and Germany over industrial policy by declaring himself in favour of "partnerships" for stricken engineering group Alstom.


The French government and the European Commission are still negotiating a long-term solution to the financial crisis at Alstom, but Mr Chirac said: "France is in favour of all partnerships [for Alstom] as long as they are balanced."

Speaking after a Franco-German summit with Chancellor Gerhard Schröder in Paris yesterday, Mr Chirac said: "The [Alstom] decision is neither French nor German. It is also largely the responsibility of Brussels."

Mr Chirac's comments may have been aimed at repairing the damage to Franco-German relations caused by his government's intervention to encourage the merger of Sanofi-Synthélabo, the Paris-based pharmaceuticals group, with Aventis, its Franco-German rival, to create a French champion.

France's conduct in the Sanofi-Aventis bid battle appears to have sparked a change in the German government's industrial strategy, with greater emphasis on the creation of national champions.

The French government is pushing for a Franco-French solution for Alstom, allowing the stricken engineering group to remain intact through a debt-for-equity swap by the state and banks and an injection of fresh capital, likely to come from Areva, the state-controlled nuclear energy group.

However, Areva is fiercely opposed to this and has teamed up with Siemens of Germany to propose an alternative restructuring plan. This would involve partnerships between Areva and Alstom in transport, including the high-speed TGV trains, and between Siemens and Alstom in energy.

Mr Schröder has repeatedly called for pan-European national champions in recent days, and his government is understood to be giving enthusiastic backing to the Siemens-Areva project.

But this goes against the objectives of Nicholas Sarkozy, French finance minister, who is opposed to a break-up of Alstom.

A finance ministry official said yesterday Mr Sarkozy had "not closed the door on any options" but was "still seeking a Franco-French solution".

[grupo guitarlumber] 13/5/2004 13:39

PARIS (AFX) - President Jacques Chirac said that the government is favorable
to any partnership deals for Alstom SA as long as the partnership on offer was
"well-balanced".
Siemens AG has voiced its interest in the struggling engineering group, but
comments from finance minister Nicolas Sarkozy recently have suggested that a
deal for Alstom with other French companies might be favoured.
Speaking after meeting here with German Chancellor Gerhard Schroeder, Chirac
said that "France is favourable to any partnership, as long as they are
well-balanced".
vl/sst/jad/lam

[grupo guitarlumber] 13/5/2004 12:46

BRUSSELS (AFX) - The European Commission confirmed today that it is closer
to a deal with the French finance ministry over the future of Alstom.
Yesterday French finance minister Nicolas Sarkozy met with EU competition
commissioner Mario Monti. Sarkozy told reporters following the meeting that the
meeting was "constructive" and that they are closer to resolving their
differences on a bailout plan.
Competition spokesman for the commission Tilman Lueder confirmed this
morning that the EU also believes a deal is closer. "Mr Sarkozy's summary
reflects the outcome of the meeting yesterday," said Lueder.
Lueder said there will be a follow-up meeting, most likely on Monday
morning. He said: "We need to continue the discussions and we will see on Monday
how far we are (from an agreement)."
Sarkozy met Monti yesterday in a bid to hammer out a rescue plan for
beleagured engineering group Alstom that will be in line with EU competition
law.
The French government has submitted a 3.2 bln eur rescue plan for Alstom
that would combine assistance from the state and private banks. However, the
scheme needs approval from the commission. A decision is expected at the end of
June.
[e-mail]
ed/jkm/

[ariane] 12/5/2004 22:04

PARIS (AFX) - The European Commisssion will require Alstom to sell further
activities or agree to equity tie-ups with other players in return for approval
of the 3.2 bln eur bailout plan agreed last year, Les Echos reported.
It said according to several sources EU competition commissioner Mario Monti
wants Alstom to double its disposals programme either by selling stakes in its
principal transport and energy activities to other players or selling them
outright.
French Finance Minister Nicolas Sarkozy is to hold a second round of talks
on the subject today with Monti.
According to business daily Les Echos, Alstom and the government are
currently studying a plan for a fresh capital hike of up to 3 bln eur which
would guarantee Alstom's existence for two more years at least.
Under the plan, which would require the backing of Alstom's banks, the state
would swap some of Alstom's debt for equity in the company.
The paper said in order to win the backing of the banks, the government
would in addition need to convince state-owned nuclear group Areva to take a
stake in Alstom, but noted that Areva still opposes such a plan.
Le Figaro described a similar plan, under which both banks and the state
would convert debt into Alstom shares, with the government acquiring a stake of
around 18 pct.
Also without naming its sources, it said much-cited solutions such as
folding part of Alstom into Areva or setting up joint ventures with both Areva
and Siemens AG are stil under consideration.
[e-mail]
mrg

[ariane] 12/5/2004 21:43

PARIS (AFX) - Philippe Carli, chief executive of Siemens France, said a
tie-up of his company with the troubled engineering group Alstom could be an
option, but he said this does not seem to be the preferred solution of either
Alstom or the French government, at least over the short-term.
"Today, Siemens can be a partner" with Alstom, Carli said in an interview
with French radio BFM, referring to speculation that a merger with Siemens would
be a way for Alstom to shore up its balance sheet and reinforce its business
strategy.
Carli also reiterated that Siemens has never hidden its long term interest
of "building a European champion in the energy or transport sectors."
For the time being, however, "this is not really the option that seems to be
pursued by the different parties involved," he said.
The French government is expected to orchestrate a new refinancing package
for Alstom soon, following a rescue package carried out last year. Finance
Minister Nicolas Sarkozy will meet with EU Competition Commissioner Mario Monti
to discuss the matter today.
Nonetheless, Carli said he did not see any threat of a dominant market
position from any alliance between Siemens and Alstom.
"I believe that today, at the EU Commission, the market considered is not
only the European market, but also the global market, and from this point of
view, neither Siemens nor Alstom have dominant market positions."
[e-mail]
js/cml

[ariane] 12/5/2004 21:33

BRUSSELS (AFX) - The French government and EU competition watchdogs have
narrowed their differences on a rescue plan for struggling engineering group
Alstom, but this has not been sufficient to reach an agreement, French Finance
Minister Nicolas Sarkozy said after talks here.
He said his "constructive" meeting with EU Competition Commissioner Mario
Monti has not produced a deal, and there will be further talks on Monday.
"The points of view have got a lot nearer but not near enough to make this
meeting conclusive," Sarkozy told reporters.
"What we want is to save Alstom in its entirety," he reiterated, adding that
the pair would meet again on Monday morning at 10.00 am.
The French government has engineered a 3.2 bln eur rescue plan for Alstom
that would combine assistance from the state and private banks, but the scheme
needs approval from the European Commission, with a decision expected at the end
of June.
bur-jit/jkm/cmr

[ariane] 07/5/2004 11:51

BERLIN (AFX) - Siemens AG could pay around 3 bln eur for Alstom's remaining
turbines operations but has given up the idea of bidding for other parts of its
French competitor, Handelsblatt reported, citing sources close to the German
conglomerate.
"The chances of the European Commission authorising (a turbines deal) are
good," the financial daily quoted one source as saying.
Siemens declined to comment, the paper added.
Siemens bought Alstom's small and medium gas and industrial steam turbines
operations last year.
The French government is looking for a partner for Alstom in the context of
its 3.2 bln eur bailout of the troubled engineering firm, with Siemens and
state-owned nuclear group Areva touted as the most likely suitors.
[e-mail]
soe/nr/jms

[maywillow] 05/5/2004 20:48

Wed 5 May 2004



printer friendly
10:39am (UK)
Amicus Say They Have Evidence to Suggest Unfair Competition Practices in Europe

"PA"


London (ots) – Manufacturing union Amicus says it is in possession of a leaked transport document which implies UK companies are losing out on vital European contracts.



Amicus say the report from a transport industry insider shows that from 2000 to 2003, UK train builders assembled 75% of trains for its own tracks. This compares unfavourably with statistics relating to France and Germany which show that they fulfil 100% of their domestic train building requirements within their own countries boundaries.



Amicus say the figures confirm what British manufacturers have long suspected – that France and Germany favour their own industries in European tendering exercises at UK industry’s expense. Amicus has called on the government to begin an urgent investigation into Eurpoean train procurement practices.

Amicus General Secretary, Derek Simpson, said:



“It appears that the UK’s train building industry may be the victim of unfair competition practices in European tendering exercises. Thousands of UK train building jobs have been lost this year alone and, on the eve of accession, it is vital that the remaining train workers and other struggling UK manufacturers can be convinced that they can expect to compete on a level playing field with European rivals.



“I am calling on the government to begin an urgent investigation into this and to examine whether unfair practices are being used in other industry sectors.”

Only one train building company, Bombardier in Derby, will remain in the UK after the Alstom plant in Washwood Heath closes in September this year. French owned Alstom announced plans to shut their plant at Washwood Heath in Birmingham last year because of a gap in contracts, despite the plant winning a £100 million contract to build carriages for London Underground. The work is being transferred to Spain.



The Washwood Heath plant developed and built the world beating tilting Pendolino train for Virgin and the work finishes in September 2004 while work on the Underground carriages was not due to come on stream until February 2005. The company has cited the five month gap as the reason for plant closure, costing 1400 highly skilled jobs in Birmingham. Bombardier announced 1,000 job losses across its’ UK transport operations last month.





ots Original Text Service: Amicus

[grupo guitarlumber] 05/5/2004 15:39

PARIS (AFX) - The government will not "transfer the problems" of Alstom to
state-owned nuclear group Areva, by forcing it to intervene in the rescue
operation, industry minister Patrick Devedjian said.
"There is no question of putting Areva in any kind of danger," Devedjian
told BFM radio.
Areva is rumoured to figure in the government's rescue plan for Alstom.
Press reports citing insiders have suggested various scenarios, including
Areva taking a stake in Alstom, acquiring its train activities or developing a
joint venture in energy.
[e-mail]
mrg/cml

[grupo guitarlumber] 05/5/2004 09:29

Riverside sailing centre receives Thames award May 4 2004




Greenwich Mercury


A NEW centre created in Deptford to bring the experience of sailing and boating to young people has clinched a prestigious award.

The Ahoy Centre, in Borthwick Street, was presented with the River Thames Society Award for making the most significant contribution to the well-being of the River Thames during the calendar year.

Officially opened by the Princess Royal, in November, it gives sailing lessons to groups of local schoolchildren, including those with disabilities.

The centre is the result of a three- year-long dream by local people to increase access to the river for the community. Volunteer groups cleared derelict land, donated by Fairview Homes, and received a grant for £375,000 from Sport England.

The centre, opposite Canary Wharf, also attracted the support of top yachtswoman Tracy Edwards as a patron.

Deptford MP Joan Ruddock nominated Ahoy for the award.

She said: "It is a wonderful resource for young and disabled people and it is a testimony to the hard work of staff and volunteers alike."

Chris Bentley, from Ahoy, said: "To date, the complete project has been run almost entirely by volunteers, who have given their time and expertise freely."

He added that the group hopes to attract corporate sponsorship to help fund its activities. It is offering packages including team building sessions and regattas.

For information call 020 8516 4040.

[maywillow] 04/5/2004 11:34

FRANKFURT (AFX) - Siemens AG could purchase Alstom's gas turbine unit and
the French government and the EU would not object, Handelsblatt reported,
citing sources within the European Commission.
During a meeting yesterday, French Finance Minister Nicolas Sarkozy and EU
Competition Commissioner Mario Monti discussed the troubled French engineering
giant. Sarkozy said he would not block a competitor's attempt to purchase parts
of Alstom, while Monti said he would not object if Siemens purchased parts of
the French company, Handelsblatt reported, citing people who attended the
meeting.
Siemens acquired Alstom's small and medium-sized gas turbine activities last
year for 1.1 bln eur. Alstom's remaining turbine businesses account for 46 pct
of the company's sales, Handelsblatt said.
amk/cmr

[maywillow] 04/5/2004 07:07

EU and France near an accord on Alstom
Paul Meller NYT Tuesday, May 4, 2004