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Rescue package for Alstom

PARIS SEPT. 23. The French engineering giant Alstom was saved from near-certain bankruptcy after its directors approved a state-backed $3.7 billion rescue package that also found favour with the EU competition authorities.

A statement from Alstom, makers of fast trains, ocean liners and power stations, said the plan called for contributions from creditor banks as well as 800 million euros provided by the French government.

"This plan provides Alstom with a strong base from which to move ahead," company chief executive, Patrick Kron, said yesterday.

The European Union Competition Commissioner, Mario Monti, welcomed the French rescue plan, saying it was consistent with EU competition rules.

The commission last week rejected an initial French proposal, on grounds that it failed to honour such regulations, and had given Paris until yesterday to draft a new package. — AFP

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