EDF and Areva have formalized their agreement Thursday for the electrician to take control of the reactors of the nuclear industry specialist, who will still require an increase in “significant” capital to meet its financing needs. The agreement provides that EDF take “majority control” of Areva NP, which combines the activities of construction and reactor services, said EDF. For its part, Areva will retain a maximum of 25% of the subsidiary, while EDF proposes to hold, in fine, one hand “from 51% to 75%” with “potentially the participation of other minority partners. ”
The reactors subsidiary valued € 2.7 billion
The deal values Areva NP to 2.7 billion euros but this price may still “be a fit,” said EDF that is still not committed to this stage close on the amount of his stake. This price is “fair” and “attractive for industrial partners interested in joining the round table” , has nevertheless assured the CEO of EDF Jean-Bernard Lévy, citing “very preliminary contacts “with potential partners that could be GDF in France, but also from abroad (China, Persian Gulf …). EDF will initially valued at Areva NP 2 billion euros, while Areva claimed by four billion, a source familiar with the matter. Faced with the dire economic situation of the former flagship of the French nuclear that has accumulated in recent years record losses ( 4.8 billion euros in 2014 ), Bercy has thrown its weight to achieve this reconciliation.
However, the account is still far to be there , the biggest concern for unions. “The agreement does not save Areva,” complained the representative of the group CFDT Jean-Pierre Bachmann, while the CGT believes that it “perpetuates nothing new Areva”. Both unions also announced a national day of action on September 15. For its part, Greenpeace, the anti-nuclear struggle is one of the warhorses, has assailed these ads, describing them as “fronting arrangement.”
There remain several billion euros to find
On the basis of an assignment of 75% of its subsidiary reactor or the high end envisaged by EDF, Areva should receive “an indicative amount of € 2 billion” with the operation of achieving objective “current 2016″. But Areva, which encrypts its financing needs by 2017 to “about 7 billion euros”, plans to obtain further 1.6 billion via “own funds” and asset sales.
In the best case, it will remain 3.4 billion euros to find and Areva confirms the need for a “significant increase in capital” to achieve it. The Economy Minister Emmanuel Macron said the amount of recapitalization would be defined according to a new “roadmap” Areva will submit in September. In early June, enjoining the two groups to come together, the Elysee had assured that the state, which owns 87% of Areva and EDF 84.5%, bail out the nuclear specialist “to the required height” .
At least 3,000 French jobs threatened
If it is to contribute to Areva bailout and avoid a shipwreck of the French nuclear industry, the transaction with EDF sign built after model of Areva (uranium ore to reactor) carried by its former CEO, Anne Lauvergeon. The two companies will also combine their engineering activities for new reactors in a joint venture (EDF will hold 80% and Areva NP 20%). EDF has also made sure not to have to bear the financial risks of Olkiluoto EPR in Finland. And the agreement is conditional on a favorable outcome of ongoing checks on the tank of the EPR at Flamanville (Manche), where an abnormality was detected.
Finally, according to Philippe Knoche, the CEO of Areva, the two groups “have laid the groundwork” for a deal on their commercial contracts to supply fuel and waste reprocessing a sensitive point, EDF is the largest customer group. In parallel, Areva will continue the implementation of its restructuring plan , which aims to achieve one billion euros in savings by 2017 and could result in the delete 6000 jobs (3-4000 in France), on the 44,000 that make up the group.
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