Alstom-Schneider consortium launches open offer for Areva T&D
28 May 2010
A consortium of Alstom Holdings and Schneider Electric along with Areva T&D Holding SA and others today made an open offer to buy 20 per cent in Areva T&D India.
The offer comes after French nuclear major Areva SA agreed to sell its entire equity in Areva T&D Holding SA, its global electric transmission and distribution business, to a consortium of Alstom Holdings and Schneider group of companies for €2.29 billion in January.
The offer to buy an additional 47.82 million shares at a price of Rs295.34 rupees a share will open on 22 July and close on 10 August, banker to the offer DSP Merill Lynch said in a statement to the Bombay Stock Exchange.
Areva T&D Holding SA and other group companies including Areva T&D SAS and Long & Crawford Ltd together already hold 72.18 per cent in India's Areva T&D, the statement said.
Alstom Holdings and Schneider group of companies had earlier entered into a pact whereby the global transmission business of Areva T&D will go to the Alstom group of companies and the distribution to Schneider group, the statement added.