EDF will control the Areva reactors branch, Bernard Fontana appointed in his head – L’Express

The discussions were very nearly stumble but the agreement last chance for recovery by EDF of the branch of Areva reactors was eventually endorsed. The compromise, sealed in the office of the Minister of Economy Emmanuel Macron, between public electrician and former flagship of the French nuclear was signed Thursday morning.

The “Memorandum of Understanding” signed inter alia “majority control of Areva NP EDF”, detailed the electrician. He plans ultimately participation “from 51% to 75%” in that branch of Areva reactors with “potentially involving other minority partners.”

Areva announced in the wake of the arrival of Bernard Fontana, former CEO of Swiss cement manufacturer Holcim, as President of the reactor division. His arrival is “intended to September 1.” He had resigned his position as head of Swiss cement July 10, after the success of the merger with the French Lafarge.

A capital increase

This sale to EDF Areva NP valued at 2.7 billion euros and will still “be a adjustment “. The former flagship of nuclear will need a parallel increase in “significant” capital to meet its financing needs by 2017, he estimated at “about 7 billion euros.”

The aim is to perform the operation “2016 current” Areva said in a separate statement. An operation that will “preserve the financial equilibrium” of EDF, ensured his side’s CEO Jean-Bernard Levy.

This offer, which is part of a wider agreement to pull the nuclear specialist financial difficulties, however, not enough to reassure the unions of Areva, who believe that “we remain in the dark” and that “nothing is done”.

The unions worried

Should then open a period of “due diligence” of three to four months, during which the electrician, which operates 58 French nuclear reactors, will examine the accounts of Areva NP to make a firm offer, not before the end of October or November. “Solving the problem is regrowth of four or five months,” laments Pierre-Emmanuel Joly, CGT representative of Areva after a briefing with management. For if Areva and EDF disagree in November, “we leave for further negotiations”.

“We are still worried about the future Areva reduced” because of its debt, says his side Laisne Christophe, the UNSA-Spaen. While employees are negotiating the group’s restructuring plan, “we still do not know the number of employees of Areva NP who will spend at EDF,” he adds. According to a source close to the matter, progress has also been made on contracts between Areva and EDF in upstream activities (extraction and conversion of the ore), but on “limited tonnages.”