Areva EDF to acquire majority stake in activity reactors – Echoes

The state has finally decided for the future of the French nuclear industry: EDF “destined to become majority shareholder” of the activity of Areva reactors tonight announced the Elysee in a statement, confirming information of “echoes”. Areva will nevertheless remain the capital of the subsidiary, “maybe 25%” , according to a source. Moreover, ensuring the engineering design of reactors would become a joint venture between EDF and its new subsidiary, allowing Areva to retain a foot.

Subsequently, “State recapitalize Areva, a prudent investor, at the height required,” said the Elysee Palace, after a ministerial meeting on the subject that has held Wednesday morning around Francois Hollande. “The challenge is not simply to meet a financial hardship that could meet Areva, but can restructure the entire industry to adopt a new perspective,” said Francois Hollande’s entourage AFP. The nuclear group posted a net loss of nearly 5 billion euros in 2014, due in large writedowns. Areva has launched a savings plan that could result in the elimination of 6,000 jobs worldwide.