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General Electric to submit bid for Areva's Adwen on August 24: media
August 22, 2016 / 4:30 PM / a year ago

General Electric to submit bid for Areva's Adwen on August 24: media

PARIS (Reuters) - General Electric (GE.N) plans to submit a bid as early as Thursday to acquire French wind power group Adwen, jointly owned by Spain’s Gamesa GAM.MC and France’s Areva AREVA.PA, weekly magazine La Lettre de l‘Expansion reported on Monday.

The ticker and logo for General Electric Co. is displayed on a screen at the post where it's traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2016. REUTERS/Brendan McDermid

Sources told Reuters in July that General Electric and German wind turbine maker Senvion (SENG.DE) were preparing bids for Adwen.

The paper said GE was preparing to submit its bid on Aug. 24, but did not give any further details. General Electric declined to comment, while Areva was not immediately available to comment.

Germany’s Siemens (SIEGn.DE) has agreed to take over Gamesa’s 50 percent stake in Adwen as part of its 1 billion euro ($1.1 billion) deal to buy a majority stake in Gamesa. It has also made an offer for Areva’s Adwen stake.

However, under the terms of a side-deal agreed in connection with Siemens’s buyout of Gamesa, Areva has until mid-September to look for an alternative buyer.

Reporting by Dominique Rodriguez; Writing Bate Felix; editing by John Irish

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