nuclear-news

Fundraising for AREVA to meet its financial needs

Though President Nicolas Sarkozy gave his blessing last year to a sale of 15 per cent of Areva’s shares to strategic industrial and financial partners, the process has been beset by controversy and public bickering among France’s nuclear champions…………

French state in U-turn on Areva listing,  FT.com By Peggy Hollinger in Paris  December 10 2010 20:11 The French government is aiming to bring Areva to a full market listing before June next year in a U-turn on the future of the strategic and politically sensitive nuclear group.

The first stage of Areva’s fundraising  was launched by finance minister Christine Lagarde on Friday, with the Kuwait Investment Authority and the French state offering to back the company’s €6bn ($8bn) investment programme with a €900m capital injection. The deal values Areva at €11.5bn, above most recent expectations but still lower than valuations put on the group more than a year ago………….
Though President Nicolas Sarkozy gave his blessing last year to a sale of 15 per cent of Areva’s shares to strategic industrial and financial partners, the process has been beset by controversy and public bickering among France’s nuclear champions…………

Paris was forced to opt for a two-stage fundraising after Alstom, the French turbine group, and state-owned nuclear generator, EDF, objected to the participation of Mitsubishi Heavy Industries, Areva’s Japanese partner. Alstom claimed this favoured a foreign rival over a domestic champion, while EDF objected to two of its suppliers reinforcing their links.

These companies will now be invited to invest in a second round next spring, which would provide the balance of Areva’s stated financing need of €1.5bn-€3bn. People close to the subject said that MHI would also be asked to participate….

FT.com / Companies / Utilities – French state in U-turn on Areva listing

December 11, 2010 - Posted by Christina Macpherson | business and costs, France