nuclear-news

France announces plan to merge nuclear reactor businesses of state-owned atomic energy giants, Star Tribune By GREG KELLER Associated Press JUNE 3, 2015 PARIS — French nuclear giants Areva and EDF will merge their reactor businesses in a joint venture controlled by EDF — a wide-ranging reshuffle of the country’s state-owned atomic energy industry.

French President Francois Hollande’s office announced the deal’s broad outlines Wednesday, saying final details would be negotiated by the two companies within a month.

The French government, which controls over 80 percent of both companies, will inject new capital “of the necessary amount” in Areva as part of the deal……

Areva lost nearly 5 billion euros ($5.6 billion) last year after taking a massive loss on new reactor projects in France and Finland……..

Last month Areva announced a 1-billion-euro cost-cutting plan, which included the removal of up to 6,000 jobs.

Only five years ago Areva was seen as a French success story, led by swashbuckling CEO Lauvergeon as it rode the wave of the so-called “nuclear renaissance.”

The company’s fortunes collapsed after a series of failures, including massive cost-overruns and technical failings with its new generation reactor; a disastrous investment in a Nigerien uranium mine; and the aftereffects of a global rejection of nuclear power after Japan’s Fukushima reactor meltdown http://www.startribune.com/france-to-merge-areva-edf-nuclear-reactor-businesses/306008871/