PARIS, Sept 27 (Reuters) - French conglomerate Bouygues could receive up to 500 million euros ($587 million) in special payouts as a shareholder in train maker Alstom following Alstom's deal with German group Siemens AG to merge their rail operations, a source close to the talks said on Wednesday.
"It's a good move for Alstom and its shareholders and thus also for Bouygues," the source said.
Bouygues is set to own 28.2 percent of Alstom as the French state has said it will not exercise an option to buy the 20 percent stake in Alstom which the government borrowed from Bouygues in 2014, when Alstom was selling its power engineering business to General Electric.
The French government acquired its option on the Bouygues stake as part of a deal that helped Alstom reject Siemens as a buyer for the power business in favour of GE.
Under the Alstom-Siemens deal existing Alstom shareholders will be paid two special dividends - a control premium of 4 euros per share to be paid shortly after the closing of the transaction and another dividend of up to 4 euros per share to be paid out of the sale of some put options on joint ventures it has with General Electric. ($1 = 0.8524 euros) (Reporting by Gilles Guillaume, Gwenaelle Barzic, Dominique Vidalon; Editing by Greg Mahlich)