Report claims France may sell 40 pct of Areva

10th November 2004, Comments 0 comments

PARIS, Nov 10 (AFP) - The French government plans to further open the capital of nuclear energy group Areva and may sell as much as 40 percent on the Paris stock market by the end of this month, the Wall Street Journal reported Wednesday, citing people familiar with the matter.

PARIS, Nov 10 (AFP) - The French government plans to further open the capital of nuclear energy group Areva and may sell as much as 40 percent on the Paris stock market by the end of this month, the Wall Street Journal reported Wednesday, citing people familiar with the matter.

At the current market price of Areva investment certificates, a 40 percent stake would be worth about EUR 4 billion (USD 5 billion).

The financial dailies Les Echos and La Tribune said at least 30 percent of the world's biggest civilian nuclear group is scheduled to be listed on the stock exchange by the end of the first half of 2005.

Neither Areva nor the economy ministry would react to the reports.

"The company has no comment on the reports in the press today," said an Areva spokesman. An economy ministry spokesman said: "No comment".

Les Echos said the state plans to increase Areva's listing to 30 percent from about four percent currently, while La Tribune said the stake sold could be as much as 35 percent.

The group has a total market value of about EUR 10 billion based on Tuesday's closing price of EUR 288.80 for the non-voting Areva investment certificates.

Areva chief executive officer Anne de Lauvergeon has said on several occasions that the group is ready for flotation and is simply awaiting the government's decision to go ahead.

State-owned Electricite de France last month announced it will order an EPR (European Pressurised Water Reactor) of the type developed by Areva and the German group Siemens for construction at a site on the Normandy coast.

© AFP

Subject: French News

0 Comments To This Article