Areva T&D executives oppose sale to French bidders

Top executives at Areva T&D argued against a possible break up of their power transmission and distribution company if the state-owned parent sells out to two French bidders. In an open letter published in financial newspaper Les Echos on Wednesday, the 10 executives said if their business was sold to a consortium of Alstom SA and Schneider Electric SA, it would mainly benefit main rivals ABB AG and Siemens AG on a booming global market. The members of the executive board asked in their letter whether it would be to the disadvantage of France if Areva SA accepted a foreign bid that would keep the company together and maintain its position in the world's top three. Japan's Toshiba Corp and General Electric Co of the United States have also made bids for Areva T&D.