2 Sep (NucNet): French nuclear equipment producer Areva has initiated the transfer of its nuclear fuel cycle activities to a new company, named tentatively New Co, Areva said.
A draft agreement for the “partial transfer” has been adopted, providing for a remunerations of €1.4bn ($1.6bn) based on the actual value of transferred assets, a statement said.
A general shareholder meeting will be called on 19 September to approve the agreement and transfer assets and bond liabilities to New Co, Areva said.
According to the statement, in 2017 a state-sanctioned capital increase of €5bn will be divided into €2bn for Areva and €3bn for New Co, subjected to approval by the European Commission.
In June 2016, Areva, which had made losses for the last five years, announced restructuring plans which would see it split into three smaller companies and raise about €8bn in additional capital.
At the time Areva said New Co will be created to handle the business of nuclear fuel for power plants, which includes mining, conversion and enrichment operations, as well as reprocessing-recycling, logistics and dismantling.
Details are online: http://bit.ly/2c3kmXk
