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[maywillow] 01/2/2005 17:18

Update 2: EU Head Office Warns France on Alstom
02.01.2005, 11:23 AM

The European Union head office threatened Tuesday to take France to court and demand the return of subsidies to troubled energy and train giant Alstom SA, alleging that the government did not respect EU conditions for the company's bailout.

Later Tuesday, officials from EU Competition Commissioner Neelie Kroes's office and French government authorities had a "constructive meeting," raising hopes a bruising court fight could still be avoided, an EU statement said.

The European Commission specifically insisted France had to do more to open up the market for railway equipment, one of Alstom's strongest sectors.

"The meeting today agreed that close contacts between Ms. Kroes' services and the French authorities would continue with a view to ensuring rapid implementation of the concrete measures to open up the French railway rolling stock market," the statement said.

European Commission spokesman Jonathan Todd said France had already missed two deadlines on compliance with the rescue program agreed to last July, and Kroes told French Economics Minister Herve Gaymard she would wait "at most a few weeks" before opening court proceedings, Todd said.

In July, EU regulators gave approval to a rescue package for Alstom that requires the French engineering group to shrink by 10 percent and enter into partnerships in key areas of transport and energy.

The rescue plan included a euro2.5 billion (US$3.25 billion) state-orchestrated bailout designed to steer the train and power plant builder, which employs 77,000 people, away from the brink of bankruptcy.

If it comes to a court case, the Commission would insist on the return of subsidies. "If we go to court, then yes, the aid would be illegal and illegal aid had to be repaid," Todd said.

Kroes's threat highlighted her commitment to open up markets to more competition and keep state aid in rein as much as possible.

Kroes wrote to Gaymard last week that too many promises on Alstom had not been kept and demanded urgent action. "None of these measures has been taken, not one," said Todd of the French undertakings.

Key for the Commission is to open up the French rail market, which it sees as being protected to favor Alstom. The EU head office also wants an independent body to assess rail safety certificates in France which would no longer force companies to go to the state SNCF for approval.

Such measures were essential to have the EU head office approve the bailout plan.

[maywillow] 01/2/2005 17:16

Update 2: EU Head Office Warns France on Alstom
02.01.2005, 11:23 AM

The European Union head office threatened Tuesday to take France to court and demand the return of subsidies to troubled energy and train giant Alstom SA, alleging that the government did not respect EU conditions for the company's bailout.

Later Tuesday, officials from EU Competition Commissioner Neelie Kroes's office and French government authorities had a "constructive meeting," raising hopes a bruising court fight could still be avoided, an EU statement said.

The European Commission specifically insisted France had to do more to open up the market for railway equipment, one of Alstom's strongest sectors.

"The meeting today agreed that close contacts between Ms. Kroes' services and the French authorities would continue with a view to ensuring rapid implementation of the concrete measures to open up the French railway rolling stock market," the statement said.

European Commission spokesman Jonathan Todd said France had already missed two deadlines on compliance with the rescue program agreed to last July, and Kroes told French Economics Minister Herve Gaymard she would wait "at most a few weeks" before opening court proceedings, Todd said.

In July, EU regulators gave approval to a rescue package for Alstom that requires the French engineering group to shrink by 10 percent and enter into partnerships in key areas of transport and energy.

The rescue plan included a euro2.5 billion (US$3.25 billion) state-orchestrated bailout designed to steer the train and power plant builder, which employs 77,000 people, away from the brink of bankruptcy.

If it comes to a court case, the Commission would insist on the return of subsidies. "If we go to court, then yes, the aid would be illegal and illegal aid had to be repaid," Todd said.

Kroes's threat highlighted her commitment to open up markets to more competition and keep state aid in rein as much as possible.

Kroes wrote to Gaymard last week that too many promises on Alstom had not been kept and demanded urgent action. "None of these measures has been taken, not one," said Todd of the French undertakings.

Key for the Commission is to open up the French rail market, which it sees as being protected to favor Alstom. The EU head office also wants an independent body to assess rail safety certificates in France which would no longer force companies to go to the state SNCF for approval.

Such measures were essential to have the EU head office approve the bailout plan.

[maywillow] 01/2/2005 17:01

PARIS (AFX) - The French finance ministry confirmed it will respect
commitments laid down by the European Commission in July 2004 when it approved
state aid plans for troubled French engineering company Alstom SA.
Earlier, a spokesman for EU Competition Commissioner Neelie Kroes said
today's talks between Kroes and French Finance Minister Herve Gaymard concerning
state aid granted to Alstom were "constructive".
"The meeting today agreed that close contacts between Kroes' services and
the French authorities would continue with a view to ensuring rapid
implementation of the concrete measures to open up the French railway rolling
stock market," the commission said in a statement after the meeting.
[e-mail]
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[maywillow] 01/2/2005 09:37

EU Commission says France not respecting Alstom aid agreement terms - reportPARIS (AFX) - EU Competition Commissioner Neelie Kroes has sent a letter to French Finance Minister Herve Gaymard, accusing the government of not respecting the terms for the EU's approval of state aid to Alstom SA, French daily Les Echos reported.
In July 2004, Alstom (Paris: FR0000120198 - news) and the government won approval for a financial rescue package that included fresh investments in the company by the French state, which took a 31.5 pct stake in the troubled engineering group.
In order to secure EU approval, Alstom was required to divest certain business units, and the French government was told to further open its rail markets and to apply EU directives on the granting of public contracts.
But in a letter sent last week, Kroes told Gaymard that France has not respected these commitments, and warned that formal legal actions could be launched soon, either by the EU Commission or by Alstom's competitors.

[waldron] 31/1/2005 11:19

IBEROJET acquires the cruise-ship Mistral

January 21, 2005


Iberojet Cruceros, cruising branch of the major Spanish tour-operator IBEROJET has just acquired the cruise-ship Mistral, which was purchased by ALSTOM in early 2004 following the default of the cruise operator Festival. Mistral will be delivered to Iberojet Cruceros in March 2005 and may recommence cruising in the spring.

The sale of Mistral is an important step for ALSTOM in reducing the risks linked with the previous vendor financing of certain ships. The agreement with Iberojet is in line with the market price assumptions used by ALSTOM in the estimation of its exposure.

[waldron] 23/1/2005 08:59

UAE: Urban rail contract to be awarded on May 5



Related Content in zawya



UAE Companies


Dubai Municipality
info: news - profile - officers







Dubai Sunday, January 23, 2005
The contract for Dubai's prestigious urban rail system project is to be awarded on May 5, a top official confirmed.

The network will extend 68.9 kilometres and will have 44 stations, including elevated and underground stations, said Engineer Nasser Ahmad Saeed, general coordinator for Dubai Rail Project and director of roads department at Dubai Municipality.

"The busiest metro section will carry 16,792 passengers per hour per direction at peak hours. Total metro boardings will be 124,605 during peak hours, with 1.80 million per day and 570 million per year," he said.

The total cost of the project will be Dh14 billion, of which 45 per cent will be earmarked for civil works and stations, and 51.5 per cent for system fixed equipment and rolling stock.

Consultancy services that include project management and construction supervision will cost 3 per cent.

[maywillow] 19/1/2005 20:49

LONDON, January 19 (newratings.com) - Analyst Andreas Willi of JP Morgan maintains her "underweight" rating on Alstom (AOM.FSE), while reducing her estimates for the company. The 12-month target price is set to €0.50.

In a research note published this morning, the analyst mentions that the company's FY2005 earnings are likely to be adversely affected by delivery delays at its Marine segment. Alstom reported its F3Q05 order intake short of the expectations, the analyst adds. The EPS estimates for FY2005, FY2006 and FY2007 have been reduced from €0.074 to -€0.082, from €0.038 to €0.036 and from €0.042 to €0.041, respectively.

[ariane] 16/1/2005 17:43

Three companies in running for train servicing

17 January 2005

French heavy engineering firm Alstom is on the verge of selecting a preferred bidder for Australian and New Zealand transport assets including the company that services and maintains Toll NZ's trains.


An investment banker said Alstom was believed to be choosing from a shortlist of three.

Alstom Transport NZ chief executive Mike Yeoman has previously said the company expected to have a preferred bidder by the end of this week and a deal by the end of March.

Investment bank Rothschild in Sydney is handling the sale. The bidders have not been named.

The Age in Melbourne last year reported estimates of a $A200 million ($NZ220 million) to $A300 million sale price.

Sources said the business was bigger than trans-Tasman engineering services business Areva - another former part of the Alstom empire - which sold in December for $A193 million.

The bulk of the business is in Australia where Alstom's activities include making and maintaining trains.

The company's New Zealand website says it maintains, services and overhauls Toll's fleet of mainline diesel-electric, electric and shunt locomotives and diesel multiple units.

It also inspects and maintains about 4200 flat-container, box and specialist freight wagons for Toll and provides an asset management service.

Alstom last year said it employed more than 2000 people across both countries.

Mr Yeoman said the business in New Zealand was looking at expanding into other areas within the transport sector.

Alstom, a maker of high-speed trains, cruise ships and gas turbines, put assets on the block after hitting near-bankruptcy in 2003.

In January 2004 it sold its worldwide transmission and distribution activities to nuclear power and generation and electricity distribution company Areva of France.

In December, Areva flicked on the New Zealand and Australian sections of those assets - electrical and telecommunication servicing businesses - to the Australian-listed Transfield.

That deal was largely overlooked - coming just before Christmas and in the same week that Tenon sold its structural timber mills to Carter Holt Harvey for $165 million.

Transfield says the Auckland headquartered business has 1900 employees, more than 600 sub-contractors and annual turnover of $300 million, with 56 per cent of that coming from New Zealand.

The company's services include network maintenance and faults response for the telecommunications industry and power station maintenance.

[maywillow] 13/1/2005 10:25

Alstom 9-Mos Revenue EUR9.71 Bln Vs Reported EUR12.9 Bln




01-13-05 03:33 AM EST
PARIS (Dow Jones)--Alstom SA (12019.FR) said Thursday that divestments made to rescue the heavy engineering firm, combined with slow sales at the start of the year, caused a 24% drop in sales in the nine months to end-December.

Alstom's revenue in the April to December period was EUR9.71 billion, down from a reported 12.85 billion a year earlier.

On a pro-forma basis, excluding the sale of its energy transmission and distribution unit, as well as its industrial turbines business, its revenue fell 8% in the nine months.

Orders for Alstom's ships, trains and power generation equipment were nearly stable at EUR12.21 billion, compared with EUR12.09 billion, or up compared with EUR9.49 billion on a pro-forma basis.

Revenue in the October to December period, Alstom's third quarter, rose 3.1% to EUR3.3 billion from EUR3.2 billion on a comparable basis a year earlier as transport sales remained strong, offsetting low sales of power generation equipment, Alstom said.

Orders in the third quarter fell 3% to EUR3.85 billion from EUR3.97 billion on a comparable basis, as a drop in power orders offset an increase in transport orders, Alstom said.

Alstom confirmed it expects to take in between EUR15 billion and EUR16 billion in orders in the year to end-March, which it said would be higher than the pro- forma figure for a year earlier.

Alstom also said it expects revenue to decline by about 5% in the year to end- March on a pro-forma basis.

Company Web site:

[maywillow] 13/1/2005 08:43

Alstom Says Orders Fell to EU3.85 Billion in Quarter (Update3) Jan. 13 (Bloomberg) -- Alstom SA, the French manufacturer rescued from near bankruptcy, said fiscal third-quarter orders fell 3.1 percent on a slowdown at the unit that services power stations. The company's shares slumped as much as 6.6 percent.

Orders dropped to 3.85 billion euros ($5.1 billion) in the three months through December from 3.97 billion euros a year earlier, Alstom said today in a statement. That's less than the 4.4 billion euros forecast of analysts surveyed by Bloomberg News.

Chief Executive Officer Patrick Kron, 51, is counting on new and more profitable business to propel Paris-based Alstom's recovery from near collapse. Alstom, which makes power stations and high-speed trains, is seeking to win back customers that stayed away on concern the company might go out of business.

``After a very strong order intake during the first half of fiscal year 2004-2005, the commercial performance of the third quarter is positive and encouraging,'' Kron said in the statement.

Shares in Alstom fell as much as 4 cents to 57 cents and traded at 59 cents at 9:05 a.m. in Paris. They have almost doubled from their low of 31 cents Aug. 11. The stock is still down more than 98 percent from when it began trading in June 1998.

Orders in the power-service unit dropped 36 percent, to 643 million euros from 1.01 billion euros. Alstom reiterated its full- year forecast for orders of 15 billion euros to 16 billion euros and like-for-like sales to drop about 5 percent.

The company had a first-half loss of 315 million euros and is scheduled to report full-year earnings in May.

New York Subway

Alstom has built power stations that supply a fifth of the world's electricity and it has made two-thirds of the world's high- speed trains. Its subway trains transport commuters in Paris, London, New York and Singapore, and its shipyards built the Queen Mary 2, the world's biggest cruise liner.

In October, Kron was among executives who traveled with French President Jacques Chirac to China, where Alstom booked orders for locomotives, trains and power equipment. The company has 300 million euros to 500 million euros in China sales each year and Kron aims to double that within two years.

Other contracts announced in the quarter include a 700 million-euro GT26 heavy-duty power station in Thailand.

[maywillow] 13/1/2005 07:55

Paris shares AFX at a glance outlook



PARIS (AFX) - Share prices are expected to open firmly higher after strong
gains overnight on Wall Street.
The CAC-40 index yesterday closed down 32.85 points or 0.85 pct at 3,816.14
points.
On the Matif, January CAC-40 futures were trading up 18 points at 3837
points ahead of the official opening.

FORTHCOMING EVENTS
TODAY
-EADS press conference
-December provisional CPI (8.45 am)
-Guyenne Gascogne FY sales

TOMORROW
-Trichet speech in Paris
-SEB FY sales

TODAY'S PRESS
-Vivendi's Cegetel wants to offer mobile services to business clients using
SFR network (La Tribune)

COMPANY NEWS
-Alstom maintains FY Orders guidance, sees sales down 5 pct on comp basis
-Alstom Q3 orders 3.846 bln eur vs 3.967 bln
-Alstom maintains FY orders guidance, sees sales down 5 pct on comp basis
-GE wins 120 mln usd engine order from Qatar Airways for Airbus fleet
-Airbus in talks to sell up to 50 short-range jets to Japan Airlines
-Airbus applies for 1 bln eur aid for A350 airliner
-Michelin suspends production at Shanghai joint venture after sales slide
-PSA Peugeot Citroen 2004 China sales down 14 pct
-Vinci wins LNG tank orders from Italy's Brindisi, Mexico's SEMPRA
-Capgemini unit wins IT contract extension from Canada's Bruce Power
-Thales/EADS win 230 mln eur French army communication contract
-Alstom under investigation in asbestos suit brought against company by
workers - lawyer
-EADS seeking US site to build refuelling aircraft in case wins US military
refuelling order
-French business radio BFM to seek digital terrestrial TV licence

MACROECONOMIC NEWS/POLITICS/MISCELLANEOUS
-Paris Club offers to suspend debt payments for tsunami-hit countries

MARKET NEWS/SENTIMENT
-*CARREFOUR UPPED TO 'IN-LINE', CASINO CUT TO 'UNDERPERFORM' BY GOLDMAN
SACHS
[e-mail]
mrg/jlw

[maywillow] 10/1/2005 19:16

Alstom May Say Third-Quarter Orders Rose 11%, Helped by China Jan. 10 (Bloomberg) -- Alstom SA, the French manufacturer rescued from near bankruptcy, may say fiscal third-quarter orders rose 11 percent, helped by more than 1 billion euros ($1.3 billion) in contracts for trains and power equipment in China.

Orders probably climbed to 4.4 billion euros in the three months through December from 4 billion euros a year earlier, according to the median estimate of nine analysts surveyed by Bloomberg. Paris-based Alstom announces orders and sales Jan. 13.

Chief Executive Officer Patrick Kron, 51, is counting on new and more profitable business to propel Alstom's recovery from near collapse. Clients are coming back to the maker of power stations and the TGV and Eurostar high-speed trains after having stayed away on concern the company might go out of business.

``What is really crucial is: How profitable are these contracts?'' said Roberto Brasca, head of equities for Anima SpA in Milan, which manages $8.5 billion, including Alstom stock.

Shares in Alstom have risen 94 percent from their record low of 31 cents on Aug. 11. The stock is still down more than 98 percent from when it began trading in June 1998.

Of 22 analysts who follow Alstom, 10 recommend buying the stock, seven have hold recommendations and five advise investors to sell, according to Bloomberg data.

Alstom spokesman Gilles Tourvieille declined to comment before the orders announcement. Alstom, which had a first-half loss of 315 million euros, is scheduled to report full-year earnings in May.

New York Subway

The company has built power stations that supply a fifth of the world's electricity and it has made two-thirds of the world's high-speed trains. Its subway trains transport commuters in Paris, London, New York and Singapore, and its shipyards built the Queen Mary 2, the world's biggest cruise liner.

In October, Kron was among executives who traveled with French President Jacques Chirac to China, where Alstom booked orders for locomotives, trains and power equipment. The company has 300 million euros to 500 million euros in China sales each year and Kron aims to double that within two years, he said during the trip.

``Orders we know have been coming in: the question is what quality,'' said James Stettler, an analyst at Dresdner Kleinwort Wasserstein in London. He rates Alstom stock ``reduce.''

Other contracts announced in the quarter include a 700 million-euro GT26 heavy-duty power station in Thailand.

Survival Concerns

The GT26 is the model responsible for Alstom's near bankruptcy in 2003. A fault that led to cracks on turbine blades and other parts led to more than 4 billion euros in expenses for repairs and legal compensation. At the time, prospective clients were more concerned about Alstom's survival than the equipment they were considering, Kron said when presenting earnings last year.

Kron, who became chief executive in January 2003 and was paid 1.6 million euros by Alstom in the latest year, is cutting about 10,000 jobs to trim costs and selling assets to raise cash, whittling Alstom down to a company with about 15 billion euros in sales from one that had almost 25 billion euros in revenue four years ago. Debt stood at 2.4 billion euros at Sept. 30.

The debt isn't rated by Moody's Investors Service, Standard & Poor's or Fitch Ratings.

Power Plants

Kron is pitching for new contracts in the $135 billion global market for power equipment as European and U.S. utilities refurbish older plants and as developing countries such as China build new power stations to meet the increasing energy needs of growing, richer populations. The pattern of upgrading older systems and building new ones is similar for trains, where Alstom ranks No. 2 worldwide behind Bombardier Inc. of Canada.

``Based on orders announced during the quarter, we expect another quarter of high order intake,'' Andreas Willi, an analyst at JPMorgan Chase & Co. in London, said in a preview note. He rates the stock ``underweight.''

[waldron] 03/1/2005 15:32

VILNIUS (AFX) - Alstom SA said it has filed a complaint in a Lithuanian
court objecting to the award of a 100 mln eur locomotives contract by the
country's railway operator, Lietuvos Gelezinkeliai, to Siemens AG.
"We want the results to be reviewed as we think that not all our proposals
were taken into account," Viktoras Karaliunas, head of Alstom's subsidiary in
Lithuania, told Agence France Presse.
Bombardier of Canada was also bidding for the contract to supply 34
locomotives, part of a major modernisation project by Lietuvos Gelezinkeliai
that includes plans to invest about 130 million eur this year.
"We think that our price was lower than proposed by other participants in
the tender, and we had no possibility to know what were the other arguments,"
Karaliunas added.
The court temporarily suspended the tender offer, but did not set a date to
hear Alstom's objection.
[e-mail]
afp/js/ec

[waldron] 19/12/2004 18:15

FRANKFURT (AFX) - Siemens AG will not file a complaint against the rescue
plan for rival Alstom SA the EU Commission approved in July, Handelsblatt
newspaper said in an article to be published tomorrow, citing a spokesman for
Siemens.
The company said in July it will thoroughly review the rescue plan.
Alstom had said the deal agreed with the the European Commission concerning
its rescue plan permits the French government to acquire a maximum temporary
stake in the company of up to 31.5 pct in exchange for earlier loans and future
financial support.
Siemens and Alstom compete in a number of areas, including high speed trains
and gas turbine power generation, and Siemens previously did not rule out taking
legal action against Alstom over the government subsidies.
[e-mail]
ms/hjp

[waldron] 19/12/2004 09:35

Delhi Metro Opens Rail Extension, Aims to Increase Ridership Dec. 19 (Bloomberg) -- Delhi Metro Rail Corp. opens its first underground route in the Indian capital today, extending its network by almost a fifth to attract up to 7.3 million more passengers a year.

The four-kilometer (2.5 miles) extension providing service between Kashmere Gate and Delhi University is expected to carry about 20,000 riders a day, said Delhi Metro Managing Director E. Sreedharan. That brings the network to 27 kilometers at a cost of 73 billion rupees ($1.7 billion).

India is expanding the New Delhi rail system with technology from Skanska International Civil Engineering AB, Mitsubishi Corp., Alstom Transport SA and other overseas companies, as part of efforts to reduce traffic and pollution in a city where about a third of 13 million residents own cars. Vehicle sales in Asia's fourth-largest economy rose 22 percent last month.

``Any effort to build a public transportation in Delhi is a welcome relief,'' said Sunita Narain, director of the Centre for Science and Environment, a research and lobbying group that won a Supreme Court case forcing local buses and taxis to convert to natural gas fuel to cut pollution. ``This is a small step, but a great beginning nevertheless.''

The system will be extended to 70 kilometers by March 2006, Sreedharan said in an interview, raising the cost of the entire system to 106 billion rupees and estimated ridership to 2.2 million people a day. He declined to disclose the cost of the new extension.

Road Rivals

Only 130,000 people a day, or 1 percent of the New Delhi's population, now ride the city's rail network. Motorcycles, three- wheeled auto rickshaws and buses remain the most popular modes of transportation.

Some of the railway cars have been imported from South Korea's Rotem Co., while the rest have been built using technology from Bharat Earth Movers Ltd. A unit of Thales SA, Europe's biggest defense-electronics company, is supplying fare- collection systems, and signaling equipment will come from France's Alstom and Germany's Siemens AG.

Higher rail ridership may help reduce road deaths. As many as 924 people died on New Delhi roads in 2001, according to the Web site of the Delhi traffic police. ``Even if one life can be saved by the Delhi Metro, the investment that we made is worth it,'' said Sreedharan, 72, in an interview.

Still, investors and company officials says Delhi Metro isn't likely to hurt sales of cars and sport-utility vehicles in the country's biggest market for such vehicles.

``The need for personal transportation is growing,'' said Vinay Piparsania, vice president in charge of sales and marketing at the local unit of Ford Motor Co. New Delhi the unit's biggest market, accounting for a quarter of its sales.

Commute Traffic

As incomes rise and General Motors Corp. and other companies set up offices outside the city limits, more people in New Delhi will buy cars and other vehicles, Piparsania said. New Delhi's suburbs house the local units of General Electric Co., Suzuki Motor Corp., Honda Motor Co. and Coca-Cola Co.

``A bigger network is needed before automobile companies will feel the heat,'' said K.K. Mital, who manages 2 billion rupees of assets at New Delhi-based Escorts Asset Management. Among the shares his mutual funds own are Tata Motors Ltd., the nation's biggest maker of truck and bus, and Maruti, which sells one out two cars in India.

Delhi Metro, co-owned by the federal government and the Delhi state government, began operations in 2002. It's building its network with loans from the governments of India and Japan and also is advising at least six cities in India on their plans for similar systems.

The rail company charges fares of between 6 rupees and 14 rupees and also makes money leasing property it owns along its routs to companies such as McDonald's Corp.

[maywillow] 15/12/2004 16:39

Bombardier, Alstom, Siemens heads visit Israel for rolling stock tender

Israel Railways is conducting a tender for the procurement of over 80 railway cars.

Hadas Manor    15 Dec 04   16:12

Representatives of global railway manufacturers Bombardier (TSX: BBD), Alstom (NYSE, LSE, XETRA: ALS), and Siemens (NYSE: SI; XETRA: SIE) will visit Israel tomorrow at the invitation of the Israel Export and International Cooperation Institute. The railway equipment makers are seeking to extend their cooperation with Israeli firms in order to fulfill the reciprocal procurement requirement stipulated in the Israel Railways tender. Israel Railways is conducting a tender for the procurement of over 80 railway cars, with an option of bidding in another tender. Several of the global companies are also members of consortia taking part in the Tel Aviv and Jerusalem build, operate, transfer (BOT) light railway tenders.

The government plans to invest NIS 24 billion in railway infrastructure, car procurement, and accessory equipment, plus NIS 6 billion more on the Tel Aviv light railway project, by 2010.

Israel Export chairman Shraga Brosh said that agreements between the winner of the current tender and Israeli companies would yield contracts worth NIS 9 billion for Israeli industry, and create 20,000 jobs.

Bina Bar-On, director general of the Industrial Cooperation Authority, which is responsible for reciprocal procurement, told "Globes", "This is the first time that Israel Railways has required in a tender, at the insistence of the Industrial Cooperation Authority, the submitting of a reciprocal plan that we have approved, as a condition for signing the final contract."

Up until now, government contracts used the phrase "best effort" with regard to reciprocal procurement from Israeli industry.

Published by Globes [online], Israel business news - www.globes.co.il - on December 15, 2004



window.top.document.title = 'Globes [online] - Bombardier, Alstom, Siemens heads visit Israel for rolling stock tender';

[bullishbuyer 100] 09/12/2004 08:46

I read your comments and think of this.

[maywillow] 09/12/2004 07:57

13/01/05 Third Quarter Orders and Sales 2004/2005

[ariane] 03/12/2004 09:13

FRANKFURT (AFX) - Deutsche Bahn AG wants to delay 420 mln eur in payments
for new trains to Siemens AG, Bombardier Inc, Alstom SA until it is certain they
function properly, the Suddeutsche Zeitung reported, citing the German state
rail company's chief executive Hartmut Mehdorn.

The three companies have agreed to deliver 28 InterCityExpress high-speed
trains this month, the newspaper said in an article to appear tomorrow.

It also provided a breakdown of the total order. Siemens will receive 256
mln eur, Bombardier 101 mln eur and Alstom 63 mln.

[e-mail]

amk/wf