-->wird das unter Q&A so erklärt:

Does the operation happen automatically?

Yes. For each lot of 40 shares held, the shareholder is attributed a new share.


What happens for shareholders that do not hold at least 40 shares or a multiple of 40?

Shareholders are responsible for dealing with left-over shares (number of shares lower than 40). In order to deal with these shares, the old shares remain quoted on a second line (on the “compartiment des valeurs radiées d’Euronext”) for 6 months, to allow shareholders to buy or sell shares to complete their lots of 40.


What will happen for shareholders that have not dealt with their left-over shares before the old shares are delisted?

Shareholders will have a two year period in which to ask for the consolidation of their shares. If they do not buy or sell shares on the market to create a multiple of 40 within 6 months, they will have to wait the end of two year period to be indemnified.


What happens with the left-over shares that have not been dealt with after 2 years?

After two years, post consolidation shares corresponding to any shares that have not been consolidated will be sold automatically. The proceeds of the sale will be redistributed to indemnify holders of non-consolidated shares. It will be held in an account for the benefit of the shareholder for a period of 10 years.

http://www.alstom.com/home/Investors/FAQs/reverse_split/27505.EN.php?languageId=EN&dir=/home/Investors/FAQs/reverse_split