The anticipated acquisition of Areva T&D by Schneider Electric and Alstom triggers a mandatory offer for 20% of the share capital of Areva T&D India Ltd.
– By Mark McFadden –
The acquisition by Alstom and Schneider Electric in consortium of Areva T&D will lead to an indirect acquisition of 72.18% of the share capital of Areva T&D India, a company listed on the Bombay Stock Exchange, the National Stock Exchange of India and the Calcutta Stock Exchange. Areva T&D India Ltd. is a market leader in India with sales of around €500 million in 2009.
In anticipation of this indirect change of control of Areva T&D India and in accordance with Indian Takeover regulations, Alstom and Schneider Electric have today announced a mandatory tender offer, subject to receipt of necessary Indian regulatory approvals, to acquire up to 20% of the share capital of Areva T&D India Ltd. from its public shareholders, at an offer price which is equal to the minimum floor price in accordance with the Indian Takeover Regulations.
With this operation, Alstom and Schneider Electric will be able to strengthen their control over these activities which are well-positioned to take advantage of the opportunities offered by the sharply growing Indian power market.
Last month Areva reported that Henri Poupart-Lafarge, Chief Financial Officer of Alstom and member of the Executive Committee, would be appointed Executive Vice President and President of the new Sector that will regroup the electricity transmission activities at the closing of the Areva T&D acquisition. In his new role, Henri Poupart-Lafarge will remain a member of the Executive Committee and will report to Patrick Kron, Chairman and Chief Executive Officer of Alstom.
Nicolas Tissot joined the company on 17 May, 2010, as Chief Financial Officer of Alstom replacing Henri Poupart-Lafarge.. He is a member of the Executive Committee and will report to Patrick Kron. Nicolas Tissot is currently Deputy Chief Executive Officer of GDF-Suez’s Global Gas & LNG (Liquefied Natural Gas) business.
Alstom’s Executive Committee, presided by the Chairman and Chief Executive Officer Patrick Kron, will thus comprise Philippe Joubert, Executive Vice President and President of the Power Sector; Philippe Mellier, Executive Vice President and President of the Transport Sector; Henri Poupart-Lafarge, Executive Vice President and President of the new Sector that will regroup the electricity transmission activities; Patrick Dubert, Senior Vice President Human Resources; and Nicolas Tissot, Chief Financial Officer.