French atomic energy body to shed Areva shares

29th November 2004, Comments 0 comments

PARIS, Nov 29 (AFP) - The French Atomic Energy Commission wants to reduce its stake in nuclear group Areva from 79 to 50.1 percent through a sale that could earn it up to EUR 3 billion (USD 3.97 billion), commission head Alain Bugat said in an interview appearing here Monday.

PARIS, Nov 29 (AFP) - The French Atomic Energy Commission wants to reduce its stake in nuclear group Areva from 79 to 50.1 percent through a sale that could earn it up to EUR 3 billion (USD 3.97 billion), commission head Alain Bugat said in an interview appearing here Monday.

He told the newspaper La Tribune that the commission would sell "a minimum" of 15 percent of its shares in Areva.

But he added that he ultimately wanted to "go beyond that" to shed a total of 28.9, thereby scaling back its interest in Areva to 50.1 percent.

The French government announced plans November 10 to sell shares in Areva in the first half of 2005, with 35-40 percent of the group to be listed on the stock exchange.

At present only four percent of the shares are listed.

Bugat told the paper that proceeds from the sale would be used by the commission to help finance the dismantling of nuclear installations.

The commission wants to concentrate on its research activities, notably with an investment of up to EUR 180 million a year in 2006 in such operations as the treatment and storage of nuclear waste.

© AFP

Subject: French News

 

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