The government argues for greater convergence between the different actors in the nuclear industry. EDF is summoned to put water in his wine, at least in capital contributions in industrial activities of Areva
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This is a public denial Emmanuel Macron yesterday addressed to EDF on Areva folder. Interviewed by “Le Figaro” on the contours of future cooperation between the two public groups, the Economy Minister has certainly indicated that “The modalities are not yet finalized” but “it may be more industrial cooperation, or go to a rapprochement, including capital” . When publishing its annual results on February 12, the CEO of EDF had emphatically denied such a track: “any financial transaction is the order of the day” , assured Jean-Bernard Lévy repeatedly.
Public electrician and ordered to put water in his wine, at least in capital contributions in industrial activities of Areva. For Emmanuel Macron did not mention a direct stake in Areva, but referred instead of business sectors of the nuclear supplier, in particular “any activity reactors, engineering maintenance “. Like Apple, which finances some of its major suppliers, EDF could then invest in some industrial assets of Areva. EDF always draws a red line on a stake in the holding company, and feels in this regard protected by its 15% of private investors -the stock lost 3% on the stock market on Wednesday morning.
referee’s whistle The shot
The state intervention yesterday actually looks like a the referee whistle: despite their willingness to cooperate more closely with the arrival of two new presidents headed -Philippe Varin side Areva, Jean-Bernard Lévy side EDF- both groups stalled for months on financing investment in the plant at La Hague (Manche) recycling of spent fuel. And engineering, “there are a lot of conservatism on both sides, a lot of nervousness .And Philippe Knoche struggling to make weight in negotiations when he in front of him the old foxes EDF “,” says an observer.
Areva has also delayed again yesterday. “The discussion with EDF today is operational points. A capital debate, if necessary, intervene in a second time, “, said its CEO in substance.
A symbolic investment
Another unresolved issue concerns the participation of Areva in the consortium that has to build two EPR in Britain. Areva has been pressured into by EDF to take 10% stake. Or the group could hardly afford to pay its share of the investments already made. “EDF leading the negotiations, and we will play our role of supplier. The round is really hand EDF “, said yesterday Philippe Knoche. According to our information, the scenario that holds the rope is that of a symbolic investment, “a number” .
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