Alstom, Schneider To Buy Areva Power Unit For €4.1B

Law360, New York (December 1, 2009, 4:00 PM EST) -- French nuclear power company Areva SA has entered into exclusive negotiations to sell its power transmission and distribution business to French companies Alstom SA and Schneider Electric SA for €4.09 billion ($6.12 billion).

Areva's supervisory board met Monday to choose the Alstom-Schneider consortium over similarly valued offers from General Electric Co. and a consortium of Toshiba Corp. and Innovation Network Corp. of Japan. Their offer stands at €2.29 billion ($3.46 billion) plus assumed debt.

The agreement includes a buyer's commitment to maintain all of Areva T&D's...
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