Alstom, Schneider's Bid For Areva Unit Beats GE
The Associated Press
Nuclear and electric power company Areva SA said Monday that it will enter exclusive negotiations with fellow French companies Alstom SA and Schneider Electric SA for the sale of its power transmission and distribution business, rejecting separate bids from General Electric Co. and Japan's Toshiba Corp.
Paris-based Areva said all three bids were similar in value and about four times the price Areva had paid to purchase the unit five years ago. The bid from Alstom and Schneider values the power grid unit at about 4.09 billion euros ($6.15 billion).
The bid includes a commitment to maintain all European sites for three years and not lay off any workers except through voluntary termination. Alstom and Schneider also have said they would offer all European employees similar jobs in the same geographic area without a pay cut or loss of seniority.Schneider makes equipment for electricity infrastructure and transmission. Alstom makes power-generation equipment and train systems.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV