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

August 22, 2016 12:27 PM EDT

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

Find out which companies are about to raise their dividend well before the news hits the Street with's Dividend Insider Elite. Sign-up for a FREE trial here.

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

Sources told Reuters in July that General Electric and German wind turbine maker Senvion 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 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)

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories


Related Entities

Definitive Agreement

Add Your Comment