France’s government control nuclear company Areva is busted. To cover a $4 billion budget gap, the company will be selling a 15% stake in the company to Asian and Mid-Eastern companies.
That puts 25% of the company in foreign hands, and it still doesn’t provide enough money to cover its coming budget problems:
FT: But Areva’s investment needs to 2012 are estimated at between €8bn and €10bn, excluding the €2bn cost of buying Germany’s Siemens out of the engineering joint venture Areva NP.
The group faces rising reactor orders and an urgent need to modernise its ageing French facilities.
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