Rumours evoked Monday a difference of EUR 1

The prices offered Monday for the acquisition of Areva T & D are apparently all around EUR 4 billion. "The three offers are very close," according to a source close to the State. Toshiba and General Electric foreigners seem therefore to be demonstrated with proposals much more generous than their French competitors, Alstom and Schneider Electric, who filed a joint offer. Rumours evoked Monday a difference of EUR 1.5 billion between the three contenders. However, the figures may conceal different realities.

According to several sources, the Habs tandem offer values the subsidiary of transmission and distribution of Areva precisely at EUR 4 billion, on the basis of the activity and result forecasts provided by the company. "As is common, the offer includes provisions designed to protect the purchaser against a bad surprise at the time of the finalization", according to sources close to the consortium. Adjustments are planned if environmental risk should appear or if the announced performances were not to the appointment. "We consider our offer perfectly competitive, it fully enhances T & D, says the"Echos"Patrick Kron, the pattern of Alstom." We have taken strong commitments to respond to legitimate anxieties and each other.

Press campaign

Alstom and Schneider are to share the activities of high-voltage and medium voltage, which concerned the Areva T & D employees. But they have promised to not close plants in France, where Schneider could have a dominant position on certain segments. The Habs tandem, which seemed sure of him in July, said today to be victim of a press campaign. "There is inaccurate information released about our offer and that interfere with the process, we ask that it be held in conditions of fairness and serenity, complained Jean-Pascal Tricoire, the pattern of Schneider." "We accused to take advantage of our passport, but we are tired of duty we apologize to French", per tonne. When needed, the two groups, which are 90 of their turnover from France, did however not hesitate to recall their roots.

From GE and Toshiba, competitors who are still looking for financial partners, the two French companies argue that their offer is financed and easy to put in place. "It is not subject to such capital increase or the arrival of such sovereign Fund", defending Patrick Kron. "It is a firm offer on the part of two manufacturers, who are there to the very, very long term, adds Jean-Pascal Tricoire.." There is no concern to have a change of ownership or a repayment of debt.

Toshiba, which has already sealed an alliance with the Japanese semi-public funds INCJ and GE still lead discussions with investors. They are thus alleviate the invoice and prepare the ground for a future introduction on the stock market on Euronext of Areva T & D, supposed to anchor the company in France. AREVA wants to be the second half of November to retain the finalists with which he intends to negotiate. The decision of the State, shareholder has 90 of the nuclear group, will be scrutinized closely by foreign investors.