Alstom-Schneider consortium completes acquisition of Areva T&D
16 Mar 2011
The Alstom-Schneider consortium has completed the open offer formalities for the acquisition of Areva T&D India as per the Securities and Exchange Board of India (SEBI) regulations and Areva T&D is in the process of allocation of the business to both parties.
The board of Areva T&D, at its meeting today, inter alia constituted a committee to study the manner of carrying out the allocation and examine the various aspects in respect thereto, Areva T&D India Ltd said in a filing with the Bombay Stock Exchange (BSE).
Alstom and Schneider bought the transmission and distribution business of Areva group worldwide on the understanding that upon completion of such acquisition, the transmission business will be allocated to the Alstom group and the distribution business will be allocated to the Schneider group, the filing said.
The consortium of Alstom and Schneider Electric acquired the global activities of Areva T&D on 7 June 2010. Following this acquisition, the high voltage transmission and the power electronics activities have been allocated to Alstom and the medium voltage activities were allocated to Schneider Electric.
Areva T&D India Limited is a publicly listed entity in India and the allocation of its activities follows a different process and timeline, in accordance with local regulations.
Following the conclusion of a mandatory tender offer, Alstom and Schneider Electric had assumed operational control of Areva T&D India on 3 December 2010.
However, Areva T&D India will continue to trade under the Areva T&D name until the appropriate procedures, according to Indian regulations, have been completed to facilitate the renaming of the company.
Alstom ranks among top three in electrical trans-mission sector with a sales turnover of approximately € 3.5 billion in 2009. It has 20,000 employees and over 90 manufacturing and engineering sites worldwide. Its main business areas are products, systems, automation and service.
Schneider Electric, a global specialist in energy management with operations in more than 100 countries, offers integrated solutions across multiple market segments, including leadership positions in energy and infrastructure, industrial processes, building automation, and data centres/networks, as well as a broad presence in residential applications
