MONTREAL (Reuters) -Bombardier Inc sold its 3.1% stake in French rail giant Alstom (PA:ALSO) SA for 506.2 million euros ($608.4 million) through a book building process to institutional investors, the Canadian business jet maker said on Tuesday.
The stake was acquired as part of a 5.5 billion euro sale of its rail business to the French firm. The deal, which was completed in January, has turned Bombardier (OTC:BDRBF) into a pure play business jet maker.
Bombardier said following the settlement of the offering, the company will have fully exited its stake in Alstom.
Montreal-based Bombardier said its holdings of 11.5 million shares in Alstom were sold at 44 euros each.
The offering will take place on May 7, the company said.
Bombardier closed down 2.11% in Toronto trading, while Alstom shares ended flat in Paris.
($1 = 0.8320 euros)