Let E be a Cayley A-algebra, γ an element of A and F the Cayley extension of E defined by γ and the conjugation of E (§ 2, no. 5, Proposition 5). For F to be alternative, it is necessary and sufficient that E be associative.
Let u=(x,y),v=(x′,y′) be two elements of F (where x, y, x′,y′ are in E). Then (§ 2, no. 5, formula (27))
{u2v=((x2+γyy)x′+γy′(yx+yx),(yx+yx)x′+y′(x2+γyy))u(uv)=(x(xx′+γy′y)+γ(x′y+x.y′)y,y(x′x+γyy′)+(yx′+y′x)x).
Using the fact that yy and x+x are in Ae, examining these formulae shows that the associativity of E implies u2v=u(uv) and hence the fact that F is alternative (Proposition 2). Conversely, if F is alternative, the equation u2v=u(uv) applied when y′=0 gives
(yx+yx)x′=y(x′x)+(yx′)x. Now the left hand side is equal to
(yT(x))x′=y(x′T(x))=y(x′x+x′x);
comparing with the right hand side, we obtain (yxˉ′)x=y(xˉ′x), which proves the associativity of E, since x,y and xˉ′ are arbitrary elements of E.
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.