This should help lift the specialist nuclear of its financial difficulties.
After months of negotiations, a meeting Tuesday of the leaders of both groups, under the auspices of the Minister of Economy Emmanuel Macron, allowed ” find the basis for an agreement “, then examined Wednesday by the Board of Areva, according to several sources.
Some details still unknown
This is a “general agreement” which bears not on all the details of the reconciliation between the two groups, warned a source familiar with the negotiations.
When publishing their interim results Thursday before the opening of trading, the two public companies should confirm that EDF has made an indicative offer to use “minimum 75% “of the capital of the reactor division Areva, Areva NP, an amount that would value the entire sector to 2.7 billion euros. EDF only from Areva NP valued at 2 billion euros, while Areva claimed by four billion, a source familiar with the matter.
Set the issue of debt
Apart from the price, last minute adjustments concerned in particular the liabilities (debts) who are retaken or not by EDF.
The Elysee had ruled on June 3 in favor of this solution, which marks the end of the integrated model of Areva – from the extraction of ore to reprocessing waste through the design and construction of the reactors.
For open books
If then open a period of three to four months, during which the electrician who operates 58 reactors of the French nuclear fleet, will examine the accounts of Areva NP to make a binding offer by October or November.
Nothing to reassure unions Areva, who “unchecked” . “The solution of the problem regrowth of four or five months,” laments Pierre-Emmanuel Joly, CGT representative of Areva, told AFP after a briefing with management.
Uncertainties among employees
While trade unions are negotiating the group’s restructuring plan, “we still do not know the number of employees of Areva NP who will spend at EDF” Laisne said Christophe, the UNSA-Spaen.
The leaders of Areva also wanted to ensure the viability of the group refocused on the fuel cycle. This happened according to them by better conditions in its contracts with EDF – for the supply of fuel for reprocessing and waste – and firm commitments from the State in the amount of recapitalization of the group and on the guarantees provided face the risks associated with construction of the third generation reactor under construction in Finland.
Accept the state calendar
According to a source interviewed, progress has been made on the first point, especially for contracts on upstream activities (extraction and conversion of the ore), but on “limited tonnages.” On the second point, however, Areva has had to accept the government’s timetable, which refers to September the subject of the capital increase.
This question is far from being a detail, since the state may have to line up to 5 billion euros to fill Areva’s financing needs in the coming years, estimated at about seven billion euros. In early June, the Elysee had assured that the state, which owns 84.5% of EDF and 87% of Areva, bail out the group “to the required height.”
Joint Venture
The companies should also announce that engineering teams of Areva’s reactors will be placed in a joint venture between EDF and Areva NP.
And Areva should detail planned disposals of assets – has already announced that Canberra subsidiary specializing in nuclear measuring instruments and systems .
In parallel, Areva will continue the implementation of its restructuring plan, which aims to achieve one billion euros of savings 2017 and could result in the elimination of 6,000 jobs (3000-4000 in France). The group, which has about 44,000 employees, is in a critical financial situation after wiping 4.9 billion loss last year, largely related to provisions and impairments of assets.
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