November 13, 2013 / 7:51 PM / 4 years ago

Bouygues keeps options open on Alstom stake - CFO

2 Min Read

PARIS, Nov 13 (Reuters) - French conglomerate Bouygues said on Wednesday it was keeping its options open regarding its stake in Alstom and was in no rush to make a decision as it welcomed the train and turbine maker's planned restructuring.

Alstom, in which Bouygues is the main shareholder with 29 percent, said last week it would axe 1,300 jobs and sell up to 2 billion euros ($2.7 billion) in assets to raise cash after a tough first half of the year.

The group, which the French state bailed out 10 years ago before handing over its stake to Bouygues, refrained from asking its shareholders to take part in a capital hike. Instead, Alstom plans to sell a minority stake in its transport unit and shed non-core assets to strengthen its balance sheet.

"We think that it's a good idea and we support totally this idea," Bouygues Chief Financial Officer Philippe Marien told analysts on a conference call after Bouygues released quarterly results.

"This trend of measures and the current situation doesn't change our short-term view. After that, on a more long-term view, we will see what will be the evolution of the market, the business."

He added: "So we are not rigid on this participation ... We don't think it's the right timing to move quickly."

Alstom contributed 51 million euros to Bouygues' net profit in the third quarter, nearly 24 percent less than in the same period a year ago.

$1 = 0.7460 euros Reporting by Natalie Huet and Gilles Guillaume; editing by David Evans

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