Alstom signs agreement with AREVA to sell its remaining Transmission & Distribution assets in India
FACTS AND FIGURES / FINANCE
April 07, 2005
By a Share Purchase Agreement dated 6 April 2005, AREVA T&D has agreed to purchase from Alstom up to 66.35% of the equity share capital of its Indian subsidiary Alstom Limited for a maximum consideration of €14.5M.
Alstom Limited is a listed company in India, mainly active in Transmission & Distribution. Based on audited results for the year ended 31st March 2004, the company had net sales in the region of €100M with profit after tax of circa €3M.
Pursuant to Indian Takeover Regulations, AREVA T&D is required to make an offer to all shareholders of Alstom Limited to acquire up to 20% of the present share capital, payable in cash, and corresponding to a total amount of circa €10.8M. The Offer is expected to be closed by the end of first half 2005.
The transaction is subject to obtaining the regulatory approvals in India. This agreement also enables AREVA to transfer the non T&D business to a subsidiary of Alstom at a price based on an independent valuation, subject to the necessary shareholder and regulatory approvals.