Alstom, Schneider win Areva unit battle

MADRID: Alstom SA and Schneider Electric SA are in exclusive negotiations with Areva SA of France for its power-grid subsidiary, knocking out overseas bids from General Electric Co and Toshiba Corp.

Alstom, which makes high-speed trains and energy-generation equipment, and Schneider, a maker of electrical circuits, bid 4.09 billion euros ($6.14 billion) for Areva T&D, the nuclear reactor company said. The French state, which owns 91 percent of Areva, expects to complete the transaction in 2010.

Paris-based Areva became the third-largest provider of power transmission and distribution equipment behind ABB Ltd and Siemens AG after buying the unit in 2004 for 920 million euros from Alstom.