The Areva group has submitted an offer to buy the transmission and distribution (T&D) business of Alstom, subject to due diligence.

A spokesman for Areva said: “Alstom’s activities would broaden the services that Areva can offer its clients. If we have Alstom, we will be able to strengthen our strategic position in the energy sector.” The spokesman added that the details of the offer would only be made public once Alstom makes a decision. However, a report in French newspaper Les Echos claimed the deal is worth 1 billion Euros in cash.

Speaking at Alstom’s annual general meeting on 2 July, chairman and CEO Patrick Kron confirmed receipt of the offer. Shares in Alstom have fallen by 90% in the last two years.