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EU clears EDF takeover of Areva reactor business
- 7 years ago (2017-05-30)
- David Flin
EU anti-trust regulators have cleared the buyout of Areva’s state-owned nuclear reactor business by EDF, which is also owned by the French state. An official statement said: “The European Commission has approved EDF’s proposed takeover of New NP, the Areva Group’s nuclear reactor business, under the EU merger regulations.”
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Areva, which is 87 per cent owned by the French state, has faced severe difficulties since 2011. In April, the French Government notified the EU Commission of a big restructuring plan to save Areva that included a previously approved €4.5 billion from public funds.
EDF agreed in June 2015 to purchase up to 75 per cent of Areva’s reactor unit at a valuation of around €2.7 billion.
The transferral of the reactor business to EDF will leave Areva with operations that include the extraction of uranium, its enrichment into fuel, and then treatment of spent fuel. It will also dismantle nuclear reactors.