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General Electric confirmed that it has submitted a binding offer for Paris-based Areva's transmission and distribution group, Areva T&D.
GE did not disclose the amount of the bid and said it was made without financial partners. However, if successful GE indicated it would seek to engage minority partners, including French investors and sovereign funds in various parts of the world.
Areva confirmed to news sources that there were three firm bids received by its deadline. In addition to GE they will consider a French consortium that includes the engineering group Alstom and electrical equipment Schneider Electric, and Japan's Toshiba Corp. in conjunction with the Japanese sovereign fund INCJ.
A decision on Areva's preferred bidder is expected on Nov. 16, with completion of the sale by year-end.
Behind-the-Scenes Look at GE’s Smart Grid Strategy
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