20 November 2009 - France's Areva will have to make a decision on the sale of its transmission and distribution business (T&D) by 9 December, when its three bids expire.
Last week, Toshiba, in consortium with Innovation Network Corporation of Japan, GE and French partners Alstom and Schneider Electric submitted binding bids for Areva's coveted T&D business.
Reuters reported that those bids will not be valid after 9 December, so Areva will be forced to chose a winner by then or walk away from the sale. The source added that Areva was likely to announce a shortlist of one or two bidders with whom it is in exclusive talks by 23 November.
Areva declined to comment.
According to French media, Toshiba offered EUR4.2bn ($6.25bn) to buy Areva, while Alstom-Schneider, whom many believe is favoured to win by French President Nicolas Sarkozy, have offered around EUR4bn.
Areva, which is 91 per cent owned by the French state, wants to sell its T&D business to fund EUR11bn in investment between now and 2011. The plan also includes a capital increase by floating up to 15 per cent of the company on the stock market.