Il French government gave the green light to the proposal of the energy giant EDF to take the majority of Areva NP, a struggling division specializing in nuclear reactors.
At the end of a meeting between President François Hollande, Prime Minister Manuel Valls and the four ministers involved in the dossier, the Elysee specified that Edf "is destined to become the majority shareholder" of Areva NP and that the State will recapitalize the reactors “as needed”.
During the work of the Council of Ministers, the government spokesman Stéphane Le Foll however specified that "this meeting is not conclusive".
The Elysee press release reads that “from now on the design, construction management and marketing activities of the new EDF and Areva reactors will be aggregated in a dedicated company. This merger will allow for an ambitious export policy and the future of the renewal of the French nuclear fleet."
Therefore, "subject to the conclusion of a global strategic partnership agreement with Areva, Edf intends to become the majority shareholder of the Areva NP joint venture", and Areva will maintain a strategic stake with a shareholders' agreement.
