Alstom has confirmed it has filed a request for arbitration before the International Chamber of Commerce with regards to its purchase of Bombardier Transportation.
It said the claim was against Bombardier Inc, and related to “the breach of certain contractual provisions of the sale and purchase agreement” dated 16 September, 2020.
Alstom said that because they were in confidential legal proceedings it would not make any further comment.
In return, Bombardier has put out a statement which says it has received notice from Alstom S.A. requesting the arbitration.
It said: “Bombardier has good grounds to defend itself against Alstom’s claim and intends to do so vigorously. As noted in its press release dated January 29, 2021, Bombardier also intends to challenge certain purchase price adjustments which resulted in proceeds from the Transaction being lower than initially estimated.
Arbitration proceedings could last several years. Given that Bombardier is subject to confidentiality obligations, it will abstain from commenting further on these proceedings unless required by applicable law.”
