Toshiba Bid For Areva Power Grid Unit With INCJ

Toshiba Corp. had tendered the highest bid for French nuclear giant Areva SA's power transmission and distribution equipment unit, offering slightly more than 4 billion euros, according to Nikkei. Toshiba put in the bid in a partnership with public-private investment fund Innovation Network Corp. of Japan. The Areva unit manufactures transformers, control systems, and other key equipment for power grids. Toshiba, which offers such equipment in Japan and other Asian countries, will be able to go global and roughly triple sales from this business through the deal.