Areva says Chinese nuclear company could take stake under terms of draft deal

2nd November 2015, Comments 0 comments

French nuclear group Areva said Monday that the state-owned China National Nuclear Corporation (CNNC) could take a minority stake in its capital under a draft deal signed in Beijing.

The draft deal signed during a visit to China by President Francois Hollande also foresees industrial cooperation with CNNC throughout the uranium cycle, state-owned Areva said.

"This project offers numerous opportunities for both Areva and CNNC. Strengthening the cooperation with our Chinese partners is an integral factor for Areva's future success," Areva chairman Philippe Varin said during the signing ceremony in Beijing.

The French state is planning to pump 2.5 billion euros ($2.76 billion) into the company, which is in the process of selling off a majoirity stake in its troubled reactor unit to EDF, France's state-owned electricity producer.

The proposed partnership was set out in a joint declaration between France and China in June.

© 2015 AFP

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