MONTREAL (Reuters) -Bombardier Inc sold its 3.1% stake in French railway giant Alstom SA for € 506.2 million ($ 608.4 million) through a book creation process to institutional investors, the Canadian business jet maker said on Tuesday.
The share was acquired as part of the sale to a French railway company for 5.5 billion euros. The deal, which was completed in January, turned Bombardier into a pure business jet manufacturer.
Bombardier said it will completely divest its stake in Alstom upon completion of the offer.
Montreal-based Bombardier said its 11.5 million shares in Alstom were sold for 44 euros each.
The placement will take place on May 7, the company said.
Bombardier closed 2.11% in Toronto, while Alstom closed unchanged in Paris.
(1 dollar = 0.8320 euros)
(Reporting by Allison Lampert in Montreal and Contractor Sabahatjahan in Bangalore; editing by Cynthia Osterman and Anil D’Silva)