Coal, Gas

Alstom completes sale of small turbines business to Siemens

1 May 2003 – Alstom announced Thursday that, further to the announcement of 28 April 2003, it has completed the first of two transactions with Siemens AG, being the disposal of the small gas turbines business. The enterprise value of this transaction is €575m ($642m), with net proceeds to Alstom of approximately €525.

Completion of this transaction follows receipt of a formal derogation from the European Commission under the EC merger regulation, allowing ownership of the business to be transferred to Siemens AG with immediate effect. Siemens AG has committed not to integrate the small gas turbine business with its own businesses until formal merger clearance has been obtained from the European Commission in relation to all the industrial turbines businesses.

Pending merger clearance, the medium gas turbines and industrial steam turbines businesses to be acquired by Siemens AG will continue to be owned and managed by Alstom.