Bombardier to exit its Alstom stake valued at $633 mln

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MONTREAL — Canadian business jet maker Bombardier Inc. said on Tuesday it expects to exit its 3.1% stake in French rail giant Alstom SA valued at around 527 million euros ($633 million) through a book building process to institutional investors.

Montreal-based Bombardier said it would sell its 11.5 million shares in Alstom, which it acquired as part of a 5.5 billion euros sale of its rail business to the French firm. The sale, which was completed in January, has turned Bombardier into a pure play business jet maker.

Bombardier said in a release that it would announce the results of the offering at the end of the bookbuilding process.

Bombardier closed down 2.11% in Toronto trading, while Alstom shares ended flat in Paris.

($1 = 0.8322 euros) (Reporting By Allison Lampert in Montreal; Editing by Cynthia Osterman)