Areva's supervisory board approved a 900 million euro ($1.19 billion) capital increase that will see Kuwait taking a near 5 percent stake in the state-owned French nuclear reactor maker. Saturday's decision concluded months of talks plagued by political and industrial setbacks as France weighed its funding options for a state-controlled company it regards as a showcase of the country's technological expertise.
Areva's board members formalised proposals announced by the French government on Friday, which will see the Kuwait Investment Authority (KIA) invest 600 million euros and France inject another 300 million euros in the nuclear group. This should help Areva fund a 12-billion-euro investment plan needed to develop a new generation of nuclear reactors and expand its operations world-wide.
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