The decision by Innovation Network Corp of Japan to join Toshiba‘s bid for the power transmission and distribution unit of Areva, the French nuclear power group, has alienated one of the unit’s founding investors, General Electric, which has also made an offer for the business.
As soon as this week, France’s Areva will choose between GE; Toshiba and INCJ; and a third consortium of Schneider Electric and Alstom. All three suitors submitted bids for the unit this month for about €4bn ($6bn).
