Areva gets 3 transmission/distribution unit offers

By Nina Sovich and Nathan Layne

PARIS (Reuters) - French nuclear reactor builder Areva SA (CEPFi.PA) said Monday it has received three binding offers, as expected, for its electricity transmission and distribution (T&D) business.

All three bidders that were in the running in recent weeks put in final offers, although the make-up of the consortiums changed slightly.

U.S.-based General Electric Co (GE.N) made a solo bid, after weeks of intense negotiations with various financial partners -- including CVC Capital Partners and the private equity arm of AXA SA (AXAF.PA) -- failed to come to fruition.

Japan's Toshiba Corp (6502.T) made an offer in consortium with the investment fund Innovation Network Corp of Japan, leaving behind a previous partner with whom it had been linked, the Abu Dhabi National Energy Co or Taqa TAQA.AD.

French partners Alstom SA (ALSO.PA) and Schneider Electric SA (SCHN.PA) also made a joint offer, as expected.

Areva said it is reviewing the bids but gave no indication when it would choose a winner. A source close to the situation told Reuters that a final decision could be made by November 23.

The T&D business, which analysts estimate is worth between 3 and 5 billion euros ($4.5-7.5 billion), is being sold to fund Areva's expansion plans. Through the T&D sale and a capital increase, Areva hopes to raise 11 billion euros for its development.

Bids were expected from all three players, but the fact that GE went alone and the presence of the Japanese investment fund Innovation Network alongside Toshiba was a surprise. Innovation Network, which is led by the Japanese government and backed by 16 private equity players, has $862 million to invest provided by the Japanese government and $8.5 billion in loan guarantees.