The deal commits the Alstom and Schneider to maintain all European sites for a three-year period. In addition, the buyers have agreed to offer to all European employees a similar position in the same geographic area, at an equivalent qualification level and without loss of compensation or seniority, in order to ensure that all Areva T&D team members are integrated properly.
The buyers also made a commitment not to implement any layoff program except for voluntary terminations, unless the economic situation deteriorates significantly.
Earlier in June last year, Areva had initiated the process for the sale of the transmission and distribution business, after having reviewed the group’s development plan. At the close of the bidding process, Areva had received three binding offers submitted by Alstom/Schneider, General Electric and Toshiba/INCJ, respectively.
The closing of the transaction remains subject to the approvals of the relevant competition authorities and of the French Commission des Participations et des Transferts (CPT), and is expected to occur in Spring 2010.
