PARIS - Areva's supervisory board approved a 900-million-euro ($1.19 billion U.S.) capital increase that will see Kuwait taking a near five-per-cent stake in the state-owned French nuclear reactor maker.
Saturday's decision concluded months of talks plagued by political and industrial setbacks as France weighed its funding options for a state-controlled company it regards as a showcase of the country's technological expertise.
Areva's board members formalized proposals announced by the French government on Friday, which will see the Kuwait Investment Authority, or KIA, invest 600 million euros and France inject another 300 million euros in the nuclear group.
This should help Areva fund a 12-billion-euro investment plan needed to develop a new generation of nuclear reactors and expand its operations worldwide at a time when higher oil prices have led several countries to reconsider nuclear power plans.
France and the KIA agreed on a shareholders' pact, under which KIA has to remain in Areva's capital for at least 18 months and the French government commits to floating ordinary shares on the market during the first half of 2011.
Saturday's decision concluded months of talks plagued by political and industrial setbacks as France weighed its funding options for a state-controlled company it regards as a showcase of the country's technological expertise.
Areva's board members formalized proposals announced by the French government on Friday, which will see the Kuwait Investment Authority, or KIA, invest 600 million euros and France inject another 300 million euros in the nuclear group.
This should help Areva fund a 12-billion-euro investment plan needed to develop a new generation of nuclear reactors and expand its operations worldwide at a time when higher oil prices have led several countries to reconsider nuclear power plans.
France and the KIA agreed on a shareholders' pact, under which KIA has to remain in Areva's capital for at least 18 months and the French government commits to floating ordinary shares on the market during the first half of 2011.
Read more: http://www.montrealgazette.com/technology/Reactor+maker+Areva+backs+Kuwait+France+investment/3963281/story.html#ixzz17qyMqnOa
No comments:
Post a Comment