GE could be in line for Areva T&D bid - report

2 September 2009 - Areva, may get an offer from GE for its electricity transmission and distribution unit, four people familiar with the matter said.

Bloomberg reported that GE may team up with Apollo Management LP and CVC Capital Partners Ltd. to submit an offer in time for a 18 September deadline, said the people, who declined to be identified because the talks are private.

France's Alstom SA and Schneider Electric SA have said they also plan to submit a joint offer for the unit, which was once part of Alstom. Axa Private Equity and Charterhouse Capital Partners LLP may also bid together, the people said.

State-owned Areva will probably get EUR4.25bn ($6bn) for the unit, based on the median estimate of nine analysts in a Bloomberg survey. Paris-based Areva put the division, which makes equipment for electrical grids, up for sale in June.

The company is seeking to raise as much as EUR10bn euros by 2012 to develop uranium mines and buy Siemens AG's share of a nuclear reactor joint venture.

Areva and GE declined to comment.

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