Rescue of Areva, Europe's last nuclear manufacturer

The French government, majority shareholder in EDF and Areva, has come to a decision: the French electricity company has one month to create an entity from Areva NP, the reactors and services activity, in which EDF will be a majority shareholder. The state has also made the commitment, "to the extent necessary," says the Elysée, without giving precise figures, to recapitalise Areva, which will therefore remain in the future subsidiary Areva NP. But the European Commission's scrutiny will determine whether…

State: Variable-geometry shareholder

The single most important shareholder in Areva (87% directly and indirectly, via CEA and Caisse des dépôts), the state used its prerogatives at the time when all was right with the nuclear world. It supported Alstom through a takeover of the electricity transmission and distribution activities of Alstom T&D, the manufacturer of French nuclear plant turbines, provoking a hue and cry and accusations of state aid in the process. Areva T&D was then sold in 2010 to Alstom (transmission) and Schneider Electric (distribution). On the other hand, the state was absent from the UAE project, letting EDF and Areva tear each other apart, resulting in failure. It then tried to regain control over the sector under the previous government. But it was that government which, in the light of the announced loss of €5 billion, decided to take drastic measures: cost-cutting programme, new strategic plan and tie-in with EDF, leading to the recapitalisation plan.

Rescue of Areva, Europe’s last nuclear manufacturer

State: Variable-geometry shareholder

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