Areva plans 5 billion euro capital raise

29/01/2016 09:23 Electricity Market


French nuclear conglomerate Areva announced it plans a 5 billion euro capital raise to reestablish its finances and declared it anticipates the intended takeover of its reactor unit by fellow state-owned utility EDF to be completed in 2017.

The French president's office made known in a declaration that the state, as leading Areva shareholder with an 87 percent stake, will participate in the operation and guarantee its success and will invite smaller shareholders to take part. Terms of the recapitalization will be specified when Areva publishes 2015 earnings on February 25. Areva and EDF also said in separate statements that the two firms had decided that EDF would acquire Areva's reactor unit based on a value of 2.5 billion euros for the total unit, which is less than the 2.7 billion settled in July 2015 but is flexible based on the unit's financial performance. EDF confirmed it intends to purchase between 51 and 75 percent of Areva's reactor arm and stated it would make a binding offer after concluding arrangements to totally protect EDF against costs and risks related to Areva's Olkiluoto 3 (OL3) reactor project in Finland. Areva, which will concentrate on uranium mining and nuclear fuel after the sale, mentioned it wants to preserve a strategic interest of minimum 15 percent in its previous reactor operation.

Daily (05.12.2019): Oil prices skyrocketed about 4% on Wednesday ahead of the OPEC meeting

05/12/2019 10:41:00

Crude oil prices skyrocketed on Wednesday, buoyed by hopes of deeper production cuts from OPEC and its allies and following a larger-than-expected drop in U.S. stockpiles. Brent crude soared by 3.6% to settle at $63 a barrel. WTI crude gained 4.2%, closing at $58.43 a barrel. It was its third straight day of gains, and its best day since September.


France's EDF extends Cruas 2 nuclear reactor outage to Saturday

05/12/2019 09:13:00

French utility EDF on Wednesday extended the outage at its 900 MW Cruas 2 nuclear reactor by two days until Saturday, adding that resumption of power generation could be delayed by ongoing safety checks following an earthquake.


Total to supply LNG fuel to CMA CGM vessels for 10 years

05/12/2019 09:09:00

French energy major Total and compatriot shipping company CMA CGM have signed an agreement for the supply of approximately 270,000 tonnes of LNG per year over ten years.