Bombardier Faces Arbitration Over Sale Of Transportation Biz
By Caroline Simson (April 26, 2022, 6:07 PM EDT) -- French rail transport company Alstom SA has initiated arbitration against Bombardier over its multibillion-dollar acquisition of the Canadian company's rail transportation business last year.
Bombardier confirmed that it had received a notice from Alstom requesting arbitration before the International Chamber of Commerce over allegations that Bombardier had breached certain contractual provisions in the sale and purchase agreement.
The company said that it has "good grounds to defend itself against Alstom's claim and intends to do so vigorously," adding that it will also challenge certain purchase price adjustments that resulted in proceeds from the transaction being lower than initially anticipated.
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