French nuclear reactor maker Areva said on Tuesday it had selected three potential buyers for its power transmission and distribution (T&D) business, confirming a Reuters report.

Areva did not identify the potential buyers but said in a statement it would be paying particular attention not only to the price proposed, but also to the industrial and labor projects.

A source told Reuters on Monday that the initial offers from Japan's Toshiba, General Electric and a joint bid from French groups Alstom and Schneider Electric had been accepted.

These bids will be assessed in a second phase of the sale process, which will end in early November, after which Areva hopes to have one or more binding offers, the source said.

Areva said on Tuesday that during the second phase of the process the offers will be further detailed, improved and finalized.

Areva, in which the French state holds a 91 percent stake, plans to sell the T&D unit as part of an 11 billion euro financing plan that also includes a capital increase. Analysts have valued the T&D business at between 3-5 billion euros.

(Reporting by Dominique Vidalon; Editing by Marie Maitre)

Japan Energy