Firm offers are expected Monday November 9

Struggle for influence. Clash of egos. Heavy strategic issues. The conditions are met for the sale of Areva T & D one of the good industrial thrillers of the end of the year. Three competitors compete to get their hands on the number three global transmission and electricity distribution, for sale by a very reluctant Anne Lauvergeon, nuclear leader President for money to finance his stifle. There are first tandem Alstom-Schneider, draped in a tricolour, and then the American General Electric, associated with the Fund HVAC, which builds on its past of France reliable partner, and, finally, Japanese Toshiba with a mysterious proposal which may well be the surprise. Firm offers are expected Monday, November 9. So here come the last straight line, and no one knows who will win. At stake, the fate of a "box of engineers" to international influence as it likes them in France and its 30,000 employees. And the tension mounts, monte, monte.

The national temptation

Nervousness is palpable, especially in the camp of the French consortium. In the first round last month, his proposal was found disappointing. While prices raised by competitors would be staggered between 3.5 billion and EUR 4.5 billion in the value of business, the Alstom-Schneider tandem is in tail of platoon. Come later in the procedure, Toshiba, he hit the stronger. Of course, a world between the first and the second round at an auction: in a case, the prices are indicative, the other, they are firm, with associated funding. Nothing is so played. But the shock has been rude to Patrick Kron and Jean - Pascal Tricoire, patterns of Alstom and Schneider Electric, who believed win without even having to play.

When, in July, in effect, they had formalized with great trumpets their association to resume Areva T & D, the intention was clear: deter potential appetites of foreign operators, who are familiar with the reluctance of the French authorities to let spinning borders our industrial jewels. "This is the so-called tactical"MGB": not touch my bridge", commented on the side vendor. Behind the scenes, the two groups were even more clever. They retained all four councils, including Rothschild or still Philippe Villin, former boss of the "Figaro", but also large balance sheets such as BNP Paribas or Société Générale, also the bankers of T & d. given that one of the keys to the folder resides in the ability of the purchaser to refinance billions of euros of bonds with the excellent rating of Areva, find these bankers in the camp of Schneider and AlstomThis makes it difficult for the competitors...

Battle of projects

Against all odds, two groups, however, clung. As bulldozers blue-white-red have a defect in the armor. They planned to cut two T & d. Distribution average voltage for Schneider, or 40 of the assets, the transmission for Alstom. In short, a dismantling. The bad word. At the time, the consortium must deal with the hostility of the leaders of the target and its unions: it is not them who decide, but this is never good. The other two offers, they provide to the French group independence. General Electric wishes to give its us activities, which he knew not what to do to be the number two global sector behind ABB and Siemens. To seduce the Elysee, consortium supported by Nomura and Citigroup promises to maintain the decision centres in France and to introduce stock French champion. GE President Jeffrey Immelt, met Monday with Nicolas Sarkozy insist on these concessions.

Toshiba, he would like to leave separate T & D and its own activities in the sector, very complementary, under the tutelage of a holding company which would organize a progressive collaboration. A kind of model Air France-KLM with a long-term horizon to the Japanese. Initially, no one took this Japanese application seriously. In contrast to its competitors, the Group of the rising sun has not recruited lobby to promote it. It is supported by a single Bank Board, Barclays Capital. However, he begins to fear. Because, you know, Toshiba is able to casser his piggy bank if a strategic acquisition. AREVA is well placed to know: four years ago, it was he who put the hand on the American Westinghouse, the nose and beard of all the big names in the profession. However, the Japanese group, with its mode of decision consensuel, is not comfortable in a process where the clock is ticking. As its tense financial structure requires it to find partners. So Toshiba has failed to agree in time with the Eurazeo and Carlyle investment fund, but, according to people close to the record, he negotiates with sovereign wealth funds to help finance the operation. Succeed in time

OK Corral-sur-Seine

A few days of the delivery of the final envelopes, all this beautiful world is detent. In newspapers, the disinformation campaign raging. "Cutters", "financial", "Pechiney syndrome"...The names of bird fly in the corridors of the Agency of the interests of the State (EPA), oversee the process. Rarely a privatization has been marked by so many explosives situations. Any irony, for example, the presence of Clara Gaymard, representative of General Electric in France. While Flash in Bercy, her husband, Hervé Gaymard, envisioned to Areva in the stock market. If this had happened, "Anne Lauvergeon would not need to sell T & D today", said a good connoisseur of the nuclear group.

Similarly, each will have guessed, Anne Lauvergeon has no desire to transfer the pupil of his cash to his "friend" Patrick Kron. Even if it sold him the division four times more expensive than the price at which she the he had purchased end of 2003... The logic for Alstom would have been probably regain all of his ex-filiale, by funding the transaction by a capital increase. But Martin Bouygues, its first shareholder, objected to such fundraising. In contrast, close to the President of the Republic insists a strong message to the highest level: If the State sells T & D to foreign interests, himself not feel more obligated to a patriotic duty with Alstom...

Therefore, surprisingly does not, the accusations of patronage took on any part. The Habs consortium is suspicious Philippe Guillemot, the pattern of T & D, do not respect the equality of treatment between the candidates. This engineer of Mines, with the recovery of the business that it has joined in 2004, is Assistant services Banca Leonardo.

In this poisonous atmosphere, Credit Switzerland Calyon and Lazard, Bank boards of Areva, and HSBC, side by side with the EPA, multiply efforts to guarantee an irreproachable procedure. Jean-Cyril Spinetta, the President of the Board of Areva, or even the entries and transfers, Commission already very involved at this stage, arise as lookouts. Last action date, finally, François Roussely, former President of EDF and now vice President of Credit Switzerland for Europe, and Nicole Notat, former Secretary General of the CFDT became President of the social rating agency Vigeo, were called to analyze social of the three candidates and industrial projects.

Strategic premium

In the end, Anne Lauvergeon, who had hoped to avoid the transfer of an asset that generated 38 of its turnover in 2008, will be resigned. It was in front of it four purchasers credible and respectable, synonymous with a real competition. For each, the acquisition of T & D is a unique opportunity to get their hands on a global player, in a business where most of the players are local. General Electric, who wants to get out from the top of its investments in the sector, Toshiba, which aims to become the first global supplier in the energy chain, Schneider, close second in the world of the average voltage using the "D" of its competitor, or Alstom, one of the power to not be present in the transmission generation big : all have an obvious interest.

Remains unknown: who will be willing to pay the most Foreigners know that over the difference in price will be high, less the French State will have leeway to bring other criteria such as economic patriotism. Schneider and Alstom also know. The taxpayer, he hopes that a strategic premium offset the unfavourable conditions. Because it is probably the worst time to sell.