May 28, 2010 - 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 regylatory 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.
This annoucement is not an offer to purchase or the solicitation of an offer to sell shares of Areva T&D India Limited. Any offers to purchase or solicitation of offers to sell will be made only pursuant to a formal offer. Shareholders are strongly advised to read the terms of the offer carefully when they are available because they will contain important information. Neither the offer to purchase will be made to, nor will tenders pursuant to the offer to purchase be accepted from or on behalf of, holders of shares in any jurisdiction in which making or accepting the offer to purchase would violate that jurisdiction's laws.