France to sell 15 percent of nuclear power group Areva
- Source: Xinhua
- [12:21 June 27 2009]
- Comments
The French government is planning to sell 15 percent of the state-owned nuclear power group Areva to Asian and Middle Eastern investors and elsewhere in order to raise 2 billion euros (2.8 billion dollars) to fund finance development of the company, the Financial Times reported on Friday.
According to the Financial Times, the movement will leave the state with 75 percent of Areva, down from the current 90 percent.
Areva needs to put between 8 and 10 billion euros by 2012 into its investment program, and the company will announce plans for capital increase in next week.
According to the Financial Times, Areva's Japanese partner Mitsubishi Heavy Industries was the favorite to take the stake. The Japanese company said Friday that it had not received an offer to buy a stake, but it would consider buying a stake in Areva.
The government is also in talks with sovereign wealth funds including Mubadala in Abu Dhabi. Furthermore, France is also considering selling its transport and distribution subsidiary, which supplies equipment to power grid operators.
Neither the French government nor Areva was available for comment.