3 Feb (NucNet): French nuclear group Areva said today it had reached an agreement with Japan Nuclear Fuel Limited (JNFL) and Mitsubishi Heavy Industries (MHI) to buy a combined 10% stake in nuclear fuel group NewCo for €500m ($538m).
The state-owned company also said that the capital of NewCo – which is being split off from Areva in a government-led rescue – remains open to other strategic investors.
Shareholders of parent company Areva SA and NewCo were expected vote on two capital increases for the companies today.
Last month EU anti-trust regulators cleared the French government’s restructuring of Areva.
The European Commission said French plans to grant a capital injection of €4.5bn to Areva were in line with EU state aid rules.
In April 2016, France notified the Commission of a restructuring plan to restore its competitiveness.
The plan provides for various divestments, in particular the group’s nuclear reactor business.
Areva, which is 86.5% owned by the French state, will instead focus its activities on the nuclear fuel cycle.
France plans to help Areva bear the cost of restructuring by injecting public capital of €4.5bn.
In September 2016, Areva began the transfer of its nuclear fuel cycle activities to NewCo.
