The supply of GE is close to 4 billion and EUR 4

The assignment of Areva T & D turns the puzzle for the State shareholder. After clarifying the details of their offers to the Agency of the interests of the State (EPA), the three candidates for the acquisition of equipment of power systems of Areva subsidiary are heard today-today by the Commission of the entries and transfers (CPT), formerly known under the name of the privatization Commission. Normally, this instance, reviewing if the interests of the taxpayers are well defended, comes after a decision to surrender. The offers are valid until December 9, but some expect the new as early as this evening.

To classify the three offers, the Alstom-Schneider Electric tandem, the American General Electric and Japanese Toshiba, the State appears ready to let the Habs tandem return on its controversial clause adjustment. Sources close to the seller, this clause may vary down the final price of "several hundreds of millions of euros" on an offer of 4 billion. "In the replay of the sale and purchase agreement, it may clarify or remove clauses, according to a source close to the State." If it is longer, it is also an element of comparison. "The supply of GE is close to 4 billion and EUR 4.2 billion Toshiba.

Alstom and Schneider argue that the clause is has a simple precaution. "Our offer is based on the forecast operating profit of the company until March 2010, given to us by the vendor, indicates a close source of the French consortium. If this performance is not the appointment, we need to be protected.

The State took in pincer

Sources close to the seller, however, believe that the clause is formulated so that it will be exercised in any event. Moreover, it is clearly not in conformity with the spirit of the sales process, which excludes any "mechanism of price adjustment".

Alstom and Schneider appear today ready to discuss this clause, as invited by the State. The subject causes but it probably involves an additional cost to their forecasts. How to share this cost Bouygues, the shareholder of Alstom, support group chaired by Patrick Kron All issues in the two groups. But the State also supported tenaille. If it is ready to delete this clause, it should or should not launch a third round open to all candidates in the interests of a transparent and fair process Candidates have filed two offerings, the first non-engaging, in September, and the second firm and definitive, on 9 November.

Of Areva 90 shareholder, the State could sell T & D to the highest bidder, but it is naturally concerned with a certain economic patriotism. It is also the case of the CGT, giving appointments to staff this morning before the seat of Areva to protest against the sale. The Union believes that the transmission and distribution subsidiary should remain integrated in the public group.

It is also the point of view of her mistress Anne Lauvergeon. For it, T & D is a balance with the nuclear activities of the group. But he was not sure that the State, which sees in this sale a response to the financial needs of Areva, wants to give him reason.