Alstom shares surge 4.31 pct on French commitment to partnerships

0 Comments | AFP, May, 2004

PARIS (AFP) — Shares in French engineering giant Alstom surged 4.31 percent to 1.21 euros following an announcement in Brussels that France and the European Union had made progress in talks aimed at saving the group.

The overall CAC 40 index was down 0.60 percent in mid-day trade Tuesday at 3,606.87.

In a bid to win EU approval for a rescue deal, France has promised to conclude "one or more" industrial partnerships for a major part of Alstom's business, officials told AFP.

The European Union's executive arm said the promise had been made by French Finance Minister Nicolas Sarkozy in a telephone call to EU Competition Commissioner Mario Monti.

"The (French) state commits itself to the Alstom group concluding one or more industrial partnerships within...