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[ariane] 28/7/2009 15:21

Alstom, Schneider May Pay 4.25 Billion Euros for Areva Business

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By Gianluca Baratti

July 28 (Bloomberg) -- Areva SA will probably get 4.25 billion euros ($6.06 billion) for its transmission and distribution unit, a price that joint bidders Alstom SA and Schneider Electric SA can pay without raising more cash, according to analysts.

Alstom would buy 60 percent and Schneider 40 percent, according to Deutsche Bank analyst Martin Wilkie. Areva said it will decide whether to sell the unit and select a buyer by the end of the year after an open call for bids.

"Sharing the T&D assets will enable both Alstom and Schneider to avoid a capital increase, which would not have been possible in the event of a full takeover," Francois Archambault, an analyst for CM-CIC Securities, said in a note. The joint bid also means state-owned Areva benefits from a higher purchase price, the Paris-based analyst said.

Areva, the world's biggest builder of nuclear reactors, needs to raise as much as 10 billion euros by 2012 for investment, shutting down aging plants and for buying Siemens AG's share of a nuclear reactor joint venture. Alstom, based in Levallois-Perret, France, sold the transmission and distribution unit to Areva five years ago, when the government helped save the train-maker and power-station builder from collapse.

The unit's value is based on the median estimate of nine analysts in a Bloomberg survey.

Schneider, based in Rueil-Malmaison, France, will probably end the year with net debt of 4.4 billion euros and may still need to raise 500 million euros to 1.5 billion euros through a share sale to buy its part of the Areva unit, according to Wilkie of Deutsche Bank.

French Solution

Areva will still need to sell shares even after a disposal, according to Alex Barnett, an analyst with Jefferies International Ltd. with a "buy" recommendation on the stock. Though private equity groups have expressed interest in the division, he predicted a "French solution" involving Alstom and Schneider.

Areva said June 30 it would sell new shares so "strategic and industrial partners" could buy a 15 percent stake in the company. The French government currently owns about 93 percent and the remainder is traded in the form of non-voting investment certificates.

"The management of Areva wants a share sale much more than a T&D sale," said Barnett. "It closes a funding gap, and it's strategic to have industrial partners because they're less political."

Nuclear Focus

Selling the transmission and distribution unit will leave Areva focused on all stages of nuclear energy production, from uranium mining to enrichment and waste disposal, as countries turn to nuclear energy to combat climate change and a possible scarcity of fossil fuels.

Transmission and distribution, which builds and operates electricity grids, accounted for 38.5 percent of Areva's sales last year. Alstom would take over the transmission operations and Schneider would get the distribution business, the two companies said in a joint statement on July 23.

Areva Chief Executive Officer Anne Lauvergeon said on June 30 that the asset would be sold as a single company and Areva has a minimum price it will accept. The company has already been approached by many potential buyers, she said.

To contact the reporter on this story: Gianluca Baratti in Madrid at [e-mail]

Last Updated: July 28, 2009 09:45 EDT

[grupo guitarlumber] 25/7/2009 06:30

Home News by Industry RSS Feeds by Industry Our Services Distribute Your News Alstom and Schneider Electric are considering making a joint bid for Areva T&DWEBWIRE – Friday, July 24, 2009
Schneider Electric and Alstom are considering making a joint offer to acquire Areva Transmission and Distribution (T&D), recently put up for sale by its parent company.

In order to achieve this, Alstom and Schneider Electric would create a common structure which would bid for Areva T&D and, if this offer is accepted, would ultimately transfer the transmission activities to Alstom and the distribution activities to Schneider Electric. Such a transfer of activities would have no social consequences.
This offer will optimise the strategic, industrial and commercial strengths that both Alstom and Schneider can bring to each of the two areas of T&D and maximise the value of the business. This offer would consequently be more attractive for the vendor.

The high voltage Transmission (T) part of Areva T&D is very close to Alstom's own activities in power generation. Alstom will bring to Areva T&D its expertise and knowledge in power networks and automated systems, its know-how in the management of large projects and the full benefit of Alstom's worldwide commercial network which is particularly focused on power generation utilities, the primary market for high voltage activities.

The medium voltage Distribution (D) part of Areva T&D is a business in which Schneider Electric is very active and that it would like to reinforce. Schneider Electric would bring to Areva T&D its considerable technical and operational strengths in automation and medium voltage, its worldwide sales network, as well as a complementary access to Industry, Building and Infrastructures, major markets for medium voltage activities.

This consolidation around two major worldwide industrial groups, specialised in their own fields, would represent a considerable development opportunity for Areva T&D's employees.


About Alstom
Alstom is a global leader in the world of power generation and rail infrastructure and sets the benchmark for innovative and environmentally friendly technologies. Alstom builds the fastest train and the highest capacity automated metro in the world, and provides turnkey integrated power plant solutions, equipment and associated services for a wide variety of energy sources, including hydro, nuclear, gas, coal and wind. The Group employs more than 80,000 people in 70 countries, and had orders of € 24.6 billion in 2008/09.
www.alstom.com

About Schneider Electric
As a global specialist in energy management with operations in more than 100 countries, Schneider Electric offers integrated solutions across multiple market segments, including leadership positions in energy and infrastructure, industrial processes, building automation, and data centres/networks, as well as a broad presence in residential applications. Focused on making energy safe, reliable, and efficient, the company's 114,000 employees achieved sales of more than 18.3 billion euros in 2008, through an active commitment to help individuals and organisations "Make the most of their energy™".
www.schneider-electric.com

WebWireID99950

[grupo guitarlumber] 24/7/2009 06:53

Bouygues (3531T) : Le biais reste haussier

ven 24 jui, 8h42


Notre Préférence : Au-dessus de 27.5, une hausse vers 32 puis 35 est attendue.
Call adapté : strike : 28 - maturité : 15/12/2009 - bid/ask : 0.38 / 0.39 - delta : 49 - Kilovar : 424 - Mnemo : 3531T


Pivot : 27.5


Scénario alternatif : La cassure des 27.5 ouvrirait la voie vers 25.

Put adapté : strike : 25 - maturité : 15/12/2009 - bid/ask : 0.26 / 0.27 - delta : -29 - Kilovar : 374 - Mnemo : 3533T


Commentaire : Les indicateurs techniques continuent d'être positivement orientés. Une poursuite de la progression est attendue vers 32 euros dans un premier temps

[ariane] 18/7/2009 17:06

Bouygues and One Housing Group win £500m Canning Town regeneration
30 June, 2009 | By Michael Lane

Bouygues Development and its consortium partner One Housing Group to develop a £500 million town centre opposite Canning Town station in East London for Newham Council.


Upon completion the town centre will house an estimated 1,100 new mixed-tenure homes and around 60,000 sqm of retail, offices, leisure facilities and a supermarket.

The redevelopment, on a 16-acre brownfield site, will provide up to 500 jobs throughout the 10 year construction phase.

Newham Council is now working with Bouygues Development, and its partners, to secure opportunities for local people to work on the scheme.

The development is taking place in addition to the Rathbone Market and A13 junction improvement scheme which both received planning approval this year.

Other major projects in the borough include the 2012 Olympic Park and the development of Stratford City, which will have the biggest shopping centre in the South-east of England.

[ariane] 16/7/2009 15:16

Alstom's Kron Cautious About Possible Areva Transmission Bid
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By Antonio Ligi

July 16 (Bloomberg) -- Alstom SA, the world's third- biggest electricity plant builder, is at a "very early stage" of a possible bid for Areva SA's power transmission and distribution unit, Chief Executive Officer Patrick Kron said.

"It's going to take time," the CEO said on a conference call. "We indicated an interest, so we'll look at the file. If we get the project, we would finance it in a way that would maintain our current rating because, in an uncertain environment, we don't want to go into any risky field."

Areva called for bids for the T&D unit on June 30 as the nuclear power plant builder tries to raise billions of euros it needs to develop uranium mines, shut down aging plants and buy out Siemens AG's share of a joint venture. Kron has often repeated his interest in retrieving the division, which Alstom sold to Areva in 2004 as part of a government bailout plan. It accounted for 39 percent of Areva's 13.1 billion euros in sales last year, and is the company's fastest-growing unit.

"The acquisition of Areva's T&D assets can help drive a re-rating of the stock higher, even if Alstom issues equity to secure the asset," Morgan Stanley analyst Scott Babka said in a research note.

The unit provides substations to move power from electricity plants to the grid, power supply for electric railways and mines and technology to manage electricity distribution across networks.

Alstom earlier today reported a 27 percent decline in fiscal first-quarter orders to 4.77 billion euros as the Levallois-Perret, France-based company booked fewer large contracts. Sales rose 7 percent to 4.81 billion euros. Orders fell 32 percent at the Power division and 17 percent at Transport.

'Stimulus Packages'

"In power generation, the new equipment market should continue to be impacted by delays in the decision making of customers on future power plants," Kron said in a statement. "Demand for rail transportation should remain sound, driven by large projects, some of which come from stimulus packages."

Power-plant builders including Alstom have been hurt by the economic slump later than other industries as customers struggled with raising credit. Kron said the delivery of orders in hand translated into higher sales. The company reiterated that the operating margin should be at around 9 percent at the end of the fiscal year in March 2010.

"Our bullish stance on the stock is based on the premise that the weakness in orders is well known, and that Alstom's earnings will prove more resilient in the downturn," Morgan Stanley's Babka said.

To contact the reporter on this story: Antonio Ligi in Zurich at [e-mail]

Last Updated: July 16, 2009 06:12 EDT

[ariane] 13/7/2009 18:46

Calendar
Calendar
Thursday 27 August 2009: First-half 2009 sales and earnings


Press release (issued at 5.45pm)

Friday 28 August 2009: First-half 2009 sales and earnings presentation


Press conference
Analysts' meeting

Thursday 12 November 2009: Nine-month 2009 sales


Press release (issued at 5.45pm)

Tuesday 1 December 2009: Nine-month 2009 earnings


Press release (issued at 5.45pm)

2 March 2010: Full-year 2009 sales and earnings


Press release (issued at 5.45pm)

3 March 2010: Analysts' meeting in Paris


Press conference
Analysts' meeting

[waldron] 24/6/2008 18:55

Alstom's Kron says difficult to value Areva in event of merger




PARIS (Thomson Financial) - The listing of a small part of Areva's capital
makes it difficult to value the state-owned nuclear group in the event of a
merger with Alstom, said Alstom CEO Patrick Kron.
"There's the question of the valuation of Areva. There is 3-4 percent of the
company's capital which is listed on the bourse with a rather particular
instrument, that doesn't appear to me to be sufficient to give it a value", Kron
told shareholders at Alstom's annual general meeting.
Only 4 percent of Areva's capital is listed on the Paris stock exchange,
under the form of an investment certificate, where the shares do not have voting
rights.
This problem of valuing Areva is one of the "two fundamental problems" with
a potential merger between the two groups, with "the privatisation of the
nuclear fuel cycle".
"It's not an easy decision to take. As far as we are concerned, if there
were a privatisation, we have to make sure it doesn't turn the machine into a
sort of five-legged sheep which would be unmanageable", Kron said.
"The conditions to be set for a potential merger will have to allow the
combined company to be managed like a normal company", the Alstom CEO said.
Kron also reiterated that a merger with Areva was a "good idea", but that
his group could develop without it.
Anne Lauvergeon, CEO of Areva, is opposed to a merger, and would prefer to
have a capital increase.
Kron said: "If the government says, 'The Alstom-Areva merger file is not
open', that means it is closed and we will do something else".
"If it says, 'The file is open', we will look at the conditions under which
such a deal can create value for shareholders."
"We will look at the business plan, we will look at the risks ... and then
we will take a decision", said Kron. "I think it's a good idea; but if it turns
out not to be a good idea, we'll do something else."
[e-mail]
afp/ejp/lam

[waldron] 16/3/2008 11:15

24 April 2008: 2007 Annual Meeting of Shareholders

14 May 2008: Quarterly information - First-quarter 2008 sales

- Press release (issued at 5.45 pm)

4 June 2008: 2008 First-quarter earnings
- Press release (issued at 7 am)

11 August 2008: First-half 2008 sales

- Press release (issued at 7 am)

29 August 2008: 2008 first-half earnings

- Press release (issued at 7 am)

[waldron] 16/3/2008 11:11

Bouygues "buy," target price raised
03/14/08 - Dresdner Kleinwort Wasser.
LONDON, March 14 (newratings.com) - Analysts at Dresdner Kleinwort maintain their "buy" rating on Bouygues SA (EN-EUR). The target price has been raised from €62.40 to €63.00.

In a research note published this morning, the analysts mention that although Bouygues' businesses are in sectors that are not popular with the market at present, the company's share price represents attractive value. The company's current share price implies half the valuation estimates for roads, property and construction, the analysts say. Bouygues' share price is expected to be supported by the company's dividend going forward, Dresdner Kleinwort adds.

[waldron] 20/2/2008 07:40

Areva-Alstom merger losing political supporters




PARIS (Thomson Financial) - The idea of merging state-controlled nuclear
energy giant Areva with engineering group Alstom seems to be losing political
supporters, Les Echos reported, without naming its sources.
Officially, the government has made no choice and the merger is still one of
two options on the table for Areva, the other one being an opening up of Areva's
capital to provide the company with greater resources of its own, the preference
of CEO Anne Lauvergeon, the business daily said.
However, there are some signs that the merger has fewer supporters within
the public authorities, as the deal would be "very complicated to implement",
the report cited a source as saying.
People in power fear that a merger would be seen as privatising a national
champion to the benefit of a friend of the president, Les Echos said. Martin
Bouygues, a friend of Nicolas Sarkozy, is chairman of the Bouygues construction
group which is the leading shareholder in Alstom.
Another hindrance would be the need to untie the alliance with Siemens AG,
which has a 34 pct stake in Areva's nuclear reactor division, and there is
debate about what parts of Areva's operations should remain under state control
for national security reasons, the report said.
No decision on Areva's future is likely to be announced until after the
French municipal elections in the second quarter, the newspaper said.



[e-mail]
an/jfr

[waldron] 08/11/2007 12:30

Bouygues "buy," target price raised

Thursday, November 08, 2007 5:56:04 AM ET
Deutsche Bank

LONDON, November 8 (newratings.com) - Analyst Nabil Ahmed of Deutsche Bank maintains his "buy" rating on Bouygues SA (BYG.ETR). The target price has been raised from €63 to €71.

In a research note published this morning, the analyst mentions that the company is expected to report robust 3Q sales, with healthy contracting activities. Bouygues' revenues in the quarter are likely to have risen by 10% to €7.8 billion, the analyst says. The company has raised its Alstom stake from 25% to 30%, indicating the possibility of some progress on the Areva front, Deutsche Bank adds.

[waldron] 08/11/2007 12:29

Bouygues "buy," target price raised

Thursday, November 08, 2007 5:56:04 AM ET
Deutsche Bank

LONDON, November 8 (newratings.com) - Analyst Nabil Ahmed of Deutsche Bank maintains his "buy" rating on Bouygues SA (BYG.ETR). The target price has been raised from €63 to €71.

In a research note published this morning, the analyst mentions that the company is expected to report robust 3Q sales, with healthy contracting activities. Bouygues' revenues in the quarter are likely to have risen by 10% to €7.8 billion, the analyst says. The company has raised its Alstom stake from 25% to 30%, indicating the possibility of some progress on the Areva front, Deutsche Bank adds.

[ariane] 27/9/2007 18:32

Bouygues "buy"

Thursday, September 27, 2007 11:16:55 AM ET
Dexia Securities

LONDON, September 27 (newratings.com) - Analyst Jo Demil of Dexia Securities maintains his "buy" rating on Bouygues (BYG.ETR). The target price is set to €77.

In a research note published this morning, the analyst mentions that with a partnership deal with Neuf Cegetel, Bouygues Telecom has entered the residential broadband market. The agreement marks a shift from Bouygues Telecom's mobile-only strategy, the analyst says. The divestment of Bouygues Telecom appears unlikely, Dexia Securities adds.

[ariane] 24/9/2007 06:51

EDF, Total stake in Areva fuel division among French govt scenarios


PARIS (Thomson Financial) - The French government is considering the entry
of EDF and Total into the fuel division of Areva as one of the scenarios for the
reorganisation of the state-owned nuclear power group, La Tribune reported,
without indicating its sources.
The daily also cited EDF CEO Pierre Gadonneix as saying that, "like in the
gas sector, we want to strengthen our position upstream by acquiring stakes in
new mines alongside major groups like Areva or BHP Billiton."
"We will need to secure (fuel) contracts to cover our needs until 2050-60,"
he said, noting that EDF's current contracts have secured its fuel supply for a
little under 20 years.
Total, meanwhile, is preparing to seriously study the question of nuclear
fuel, La Tribune said, without giving any details.
The oil company has previously said it is exploring other energy sources,
including renewable and nuclear sources.
The French government confirmed earlier this month that it is conducting a
review of the energy sector following press reports it is looking at options for
reorganising Areva, notably a three-way tie-up between Areva, Alstom and
Bouygues.
Les Echos also reported at the time that the government review could provide
a role for EDF and Total.
[e-mail]
gt/rfw

[ariane] 19/9/2007 06:24

Areva Bouygues may face fine for fatal accident at nuclear waste site


PARIS (Thomson Financial) - A public prosecutor at Bar-le-Duc, France,
called for fines to be imposed on a Bouygues unit and on state-owned
Charbonnages de France for involuntary manslaughter in respect of a fatal
accident in 2002 at a nuclear waste burial laboratory at Bure, in the Meuse
region.
The prosecutor said he wants Bouygues Travaux Publics to be fined 50,000 eur
with CdF having to pay 30,000 eur.
Judgement will be given on Oct 16.
Eric Joly, 33, was crushed to death while working 226 metres underground.
On Monday, Bouygues and Vinci signed a 432 mln eur contract for their 50-50
Novarka venture to build a sarcophagus around the Chernobyl nuclear reactor.


[e-mail]
an/ra

[ariane] 11/9/2007 11:21

French govt confirms studying energy sector; 'all options' on table for Areva


PARIS (Thomson Financial) - The French presidency said it is conducting a
"strategic study" on the future of France's energy sector.
"It's a long-term strategic study but there is no urgency," Elysee spokesman
David Martinon said.
A spokesman for the French finance ministry, meanwhile, told Agence
France-Presse that "all options" are on the table regarding state-owned nuclear
power group Areva.
The comments followed a report in business daily Les Echos claiming that the
French presidency has asked investment bank HSBC and consultants McKinsey to
study restructuring options for French nuclear engineering firm Areva.
According to the paper, the most likely scenario being considered is a
merger with French engineering firm Alstom, as proposed by French state-owned
nuclear research organisation CEA.
Shares in Areva, Alstom and Bouygues -- which is a leading shareholder in
Alstom -- all rose sharply in early trading.
By midday, Areva shares had pared their gains to trade up 2.28 pct at 699.60
eur, after climbing as high as 718.00 earlier.
Alstom shares were leading CAC-40 gains, up 5.16 pct at 134.38.
[e-mail]
gt/dca