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Europe | |
France to sell stake in Areva nuclear group to: Asian and Middle Eastern investors | |
2009-06-29 | |
The French state will sell a chunk of nuclear giant Areva to Asian and Middle Eastern investors to help finance the future of a group considered a jewel in the country's industrial crown, a report said Friday.
France produces most of its electricity from nuclear power and President Nicolas Sarkozy has been active in trumpeting his country's know-how to win French companies new business abroad. Mitsubishi Heavy Industries (MHI), Areva's Japanese partner, is set to take a stake in the French company, said the FT, citing unnamed people with knowledge of the situation. MHI said it had not received an offer to buy a stake but told AFP it was prepared to study such a proposition. French energy groups like EDF, Total and GDF Suez have previously been touted as possible investors in Areva. The French government is also in talks with sovereign wealth funds such as Mubadala of Abu Dhabi over their participation in a capital increase, which will be launched later this year, the FT said. Areva needs between eight and 10 billion euros by 2012 to fund its investment programme, notably to develop its third-generation EPR nuclear reactor. It also needs an estimated two billion euros to buy out Siemens' stake in Areva NP, its reactor subsidiary. Areva's supervisory board is due to meet next Tuesday after which the FT says it is likely to announce plans for a capital increase. | |
Posted by:3dc |