The Hindu Business Line : Areva to acquire 66 pc in Alstom's Indian unit

FRENCH energy major Areva SA plans to spend as much as Rs 80.6 crore to acquire a 66.35-per cent stake in Alstom Ltd, Alstom Holdings SA's Indian unit.

Areva will also make an offer worth Rs 59.8 crore to the shareholders of Alstom Ltd to buy an additional 20 per cent at Rs 75.3 a share, HSBC Securities and Capital Markets (India) Pvt said on behalf of Paris-based Areva in an advertisement.

Areva's final shareholding in Alstom Ltd will depend on the response to the open offer. The company intends to stay listed on Indian stock exchanges, HSBC said.

Areva has already acquired the transmission and distribution assets of Alstom Holdings SA outside India.

The offer for the 20-per cent stake opens on May 30 and closes on June 18, the advertisement said.

The acquisition in Alstom is being made to strengthen Areva's position in the transmission and distribution business in India, added an announcement issued by HSBC to BSE.

Areva said in a statement from Paris that the agreement with Alstom enables Areva to transfer the non-transmission and distribution business to a subsidiary of Alstom.

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