Toshiba looking to bid on Areva T&D unit

4 September 2009

Japan’s Toshiba Corp plans to bid for Areva’s power distribution and transmission equipment unit, Reuters has reported.

According to the international news agency, sources said Toshiba is planning to participate in the first round of bidding on 18 September. French firms Alstom and Schneider Electric are also planning a joint bid, while Axa Private Equity is deciding whether to make an offer.

One source told Reuters that the deal could be worth more than Y500 billion ($5.4 billion) while another said the unit could fetch as much as Y700 billion.

Areva annouced plans to sell off its T&D division in June. Christine Lagarde, French economy minister, said this week that she hoped that Areva would reach a decision on the possible sale by the end of 2009.

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