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.

Schneider Electric S.A. reported sales results for the third quarter and nine months of 2009. The company's third-quarter sales fell 15.1% on the year. Revenue totalled EUR 3.95 billion (USD 5.9 billion), down 17% on a like-for-like basis. For the first nine months organic sales dropped 17.6% to EUR 11.705 billion. The company increased its full-year guidance for earnings before interest, tax and amortisation (EBITA) margin before restructuring costs to 12.5%, up from previous forecast of 12%.