French technology group Areva has announced it will pay up to Rs 806 million ($18.4 million) to take control of up to 66.4% of Alstom’s transmission and distribution unit in India.
Indian takeover regulations require the company to also make a separate open offer to minority shareholders. Areva has made an open offer for up to 7.98 million Alstom shares at Rs 75.03 ($1.7) each, a deal worth Rs 599 million ($13.7 million) for up to 20% of Alstom from public shareholders. The offer will be open from 30 May to 18 June.
Areva acquired the global transmission and distribution assets of Alstom outside India in September 2003.