CVC Drops Plans To Bid with GE for Areva T&D

LONDON (Reuters) – Private equity firm CVC dissolved a consortium with General Electric (GE.N) that had been planning a joint bid for the transmission and distribution (T&D) business of Areva (CEPFi.PA) , a person familiar with the matter said on Monday.

CVC was reluctant to be a minority shareholder and General Electric grew in confidence that it would be able to navigate a French takeover without the aid of CVC’s local team, the person said.

The withdrawal was earlier reported by French website Wansquare. CVC had no immediate comment.

(Reporting by Quentin Webb and Simon Meads; Editing by Douwe Miedema)