ALSTOM FINALISES ACQUISITION OF ABB'S 50% STAKE IN ABB ALSTOM POWER.

Europe Energy, May, 2000

Franco-British electrical engineering group Alstom has announced that it has now finalised its acquisition of the 50% stake that the Swiss-Swedish engineering group Asea Brown Boveri (ABB) held in their joint subsidiary ABB Alstom Power. ABB Alstom Power was born in July 1999 out of the merger between Alstom and ABB's energy production, services and equipment businesses.

By the end of this March, Alstom and ABB had signed an agreement whereby Alstom would buy back for _1.25 billion ABB's stake in their joint subsidiary, renamed Alstom Power. The purchase confirms Alstom as world specialist in energy and transport infrastructure, offering its customers strong expertise in highly-complex projects, high value-added services and cutting-edge techniques, the company said.