Toshiba, GE Bid for French Nuclear Unit

Nov. 9, 2009

Alstom/Schneider also made offer

French nuclear power firm Areva said on Nov. 9 that Toshiba General Electric are bidding to buy a unit of Areva.

The third offer for Areva's Transmission and Distribution unit is a joint bid by French engineering groups Alstom and Schneider Electric.

"Areva received today three offers from: Alstom/Schneider, General Electric, Toshiba/INCJ, Areva is now assessing these offers," the company said after the deadline for binding offers ran out on Nov. 9.

The statement did not give further details on the offers but analysts have valued the Areva unit at between three and five billion euros (US$7.5 billion.)

Areva, a world leader in nuclear power, announced in June that it was opening its capital to new investors and would sell assets to raise money for massive investments in new nuclear technology.

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