Areva Unit Bids Said to Fall Short of 4 Billion Euros (Update1) - Bloomberg.com - 0 views
-
Areva SA, the biggest builder of nuclear reactors, received three offers of less than 4 billion euros ($5.9 billion) for its transmission and distribution unit, according to three people familiar with the sale. General Electric Co. teamed up with CVC Capital Partners Ltd. to make an offer, while Toshiba Corp. submitted a separate bid, said the people, who declined to be identified because the talks are private. France's Alstom SA and Schneider Electric also submitted a joint offer, the people said. The bids fell short of the 4.25 billion euros analysts had estimated the unit to be worth. Areva is selling the business to raise money to develop uranium mines and buy Siemens AG's share of a nuclear-reactor joint venture. The company bought the division from Alstom for 920 million euros in 2004. The French state, Areva's biggest shareholder, may favor a domestic buyer, analysts surveyed ahead of the bidding deadline last week said.