Tuesday, December 1, 2009

Areva to start talks with French firms to sell distribution firm

Paris-based nuclear power major Areva Tuesday said it will hold talks with a consortium of French firms Alstom and Schneider for selling its transmission and distribution business for 2.29 billion euros ($3.45 billion).

The Indian operations of the nuclear power giant, Areva India T&D, is part of its transmission and distribution business that is put up for sale.

"The supervisory board of Areva had received three binding offers from Alstom/Schneider, General Electric and Toshiba," Areva India T&D said in a regulatory statement.

"After review, the board asked the executive board to begin exclusive negotiations with the consortium, Alstom/Schneider. The consortium offered 2.29 billion euros in equity value," it added.
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