Toshiba, UAE's Taqa eye joint Areva T&D bid-sources

Published: 03 Nov 2009 17:31:23 PST

TOKYO, Nov 3 - Toshiba Corp plans to partner with Abu Dhabi National Energy Co (Taqa) to make a joint bid for Areva's power transmission and distribution business, two people familiar with the matter said.

Areva has chosen Japan's Toshiba, General Electric and French partners Alstom and Schneider Electric as possible buyers for the unit in a deal sources have said could be worth more than 500 billion yen ($5.5 billion).

Toshiba is in the final stages of talks with Abu Dhabi National Energy Co to make a joint bid for the unit, with final offers due to be submitted by Nov. 9, the two people told Reuters.

Toshiba is also considering tapping a recently created body backed by the Japanese government to secure funds for the deal, the two people said, speaking on condition of anonymity because the negotiations are not public.