* EDF will become the majority shareholder Areva NP
* EDF would propose some? 2 billion euros
* The State recapitalize Areva “to the required height”
* The needs of Areva estimated between? 5 and? 7 billion by end of 2017 (Updated comment from a union source)
by Benjamin Mallet
PARIS, June 3 (Reuters) – The French government Wednesday approved the proposed takeover by EDF of nuclear reactors Areva activity, confirming the scenario of a radical overhaul of the sector that circulated for several months .
He also announced plans to recapitalize Areva “prudent investor at the necessary height.”
The nuclear group, which posted a loss of 4.8 billion euros in 2014, launched a rescue plan including one billion euros in savings over three years and up to 6,000 job cuts. and
According to estimates of analysts and sources familiar with the matter, the Areva needs amount to a level of between 5 and 7 billion euros by the end of 2017.
“Subject to the conclusion of a comprehensive strategic partnership agreement with Areva, EDF aims to become the majority shareholder in the joint venture Areva NP, which brings together industrial reactor construction, assembly fuel and services to the installed base, “said the Elysee in a statement.
The Presidency of the Republic, after a ministerial meeting on the subject held Wednesday morning around François Hollande, said in its subsidiary Areva NP would retain “a strategic participation with a shareholders”.
According to the Elysee, Areva and EDF plan to finalize the principles of this project “in a period of one month. “
The French state holds about 87% of Areva’s capital and 84.5% of EDF.
The project should “an ambitious export policy and the future of the French nuclear fleet renewal”, but also a reduced risk of major projects being Areva, whose EPR under construction at Flamanville (Manche) and Finland to undergo significant delays and additional costs.
CGT WANTS RECAPITALISATION OF 2.5 BILLION
EDF submitted on May 22 an indicative bid for Areva NP according to news reaching just over two billion euros, compared with a valuation 2.7 billion euros in Areva accounts.
Without confirming the amount the EDF offer, a source familiar with the matter said it valued Areva NP based on a multiple of gross operating profit (EBITDA ) 7.5 times and the final figure would depend on performance forecasts, cash and liabilities transferred.
If the acquisition of Areva NP materializes, EDF plans to adopt a new division that would then spun for him allow to work with other clients and eventually bring partners to its capital.
Areva NP activities employ nearly 17,000 people.
EDF had also made a proposal Alternative limited to the recovery of 1,200 engineers working at the Areva design and safety calculations of French reactors.
The scenario of a sale of all of the activity raises reactors Areva because it fears the group would leave the sole control of uranium mining and fuel and in fact would mark the end of its “integrated model”, which implies a presence on all the nuclear activities.
The government announcement came a day after a day of strikes and actions which largely mobilized the employees of Areva.
Group Unions oppose the proposed sale of the EDF reactors and refuse the removal of 3,000 to 4,000 jobs in France announced in early May.
The CGT considers that the State should assume its responsibility by a recapitalization of the group of about 2.5 billion . euro
“We ask both companies to look at the viability of the rest of Areva – Areva NC, mines, all that is dismantling and services, transportation, media functions,” said a union source told Reuters. “The big question is best (the future) OL3 (NPP construction enFinlande).
In late 2010, a capital increase had seen the French State and Kuwait invest $ 300 million and € 600 million in the company at a price of 32.50 euros per share.
Areva shares closed Wednesday on a course of 8.75 euros.
Engie (formerly GDF Suez) has also expressed interest in maintenance activities reactors internationally Areva
Chart of the market capitalization of Areva since 2007.
http://bit.ly/1DMJPqt
* The statement from the Elysee:
http://bit.ly/1Ka1xuV (Edited by Dominique Rodriguez)
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