Two people familiar with the matter said that Toshiba Corp. plans to make a joint bid with Abu Dhabi National Energy Company PJSC for Areva SA’s AREVA T&D SA. Sources said that AREVA T&D could be worth more than ¥500 billion. It was reported that Areva has chosen Toshiba, General Electric Co., Alstom SA and Schneider Electric as possible buyers. Two people told Reuters that Toshiba is in the final stages of talks with Abu Dhabi National Energy Co to make a joint bid, with final offers due to be submitted by November 9.

Qatar may join General Electric Co. and CVC Capital Partners Ltd. in their bid to acquire AREVA T&D SA from Areva SA, two people familiar with the matter said. Qatar Holding LLC hired Evercore Partners Inc. to advise on acquiring a stake in Areva’s unit should the GE-led bid come through, said the people, who wished to remain anonymous because the talks are private. Officials at Qatar Holding refused to comment. Areva received three indicative bids worth less than €4 billion for the unit, people close to the sale said in September. The French government, which has a 92% stake in Areva, may decide the division should be sold to a group formed by Alstom SA and Schneider Electric SA, to preserve France’s economic interests, analysts have said. Toshiba Corp. also tabled an offer, the people said. GE Energy spokesman Dan Nelson refused to comment. Officials at Evercore were not available to comment.

Areva SA reported sales results for the third quarter and nine months ended September 2009. For the quarter, the company's sales reported a 7.8% gain to €3.2 billion ($4.8 billion). Third quarter activity was boosted by an increase in the price of uranium. Sales in the first nine months of the year were up 6.4% at €9.7 billion compared with the same period of 2008. Sales at the company's Transmission and Distribution division, which provides systems and services for the transmission of electricity, rose 12.4% in part to good performances in the Middle East and North America. The company expected revenue and operating income for the year 2009 to come close to that of 2008.