EDF bid for Areva’s nuclear reactor business approved

Caption: Olkiluoto power plant

 

The French government approved a bid from EDF to take over Areva’s nuclear reactor business and said it would inject money into the company.
 
President Francois Hollande said Areva and EDF would combine their design, project management and sales activities for new reactors into one dedicated company, according to Reuters. EDF will be a majority shareholder in the business. The president’s statement did not say how much EDF would pay for the reactor business, but EDF reportedly offered 2 billion euros ($2.3 billion) for it.
 
The government owns a majority stake in both Areva and EDF, and said the merger would help to bail out Areva. The company announced losses of $5.6 billion for 2014 because of a lack of new business for reactors following the 2011 accident in Japan, and delays in nuclear project construction. The article said EDF would have to find a solution to the delayed reactor project at Olkiluoto 3 in Finland.
 
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