MHI mulls proposal for stake in Areva nuclear unit

Mitsubishi Heavy Industries examines potential minority stake in Areva NP nuclear unit

Mitsubishi Heavy Industries Ltd. said it is one step closer to investing in Areva’s nuclear reactor unit after it examines a proposal for a potential minority stake.

MHI said in Reuters that it would consider conditions for making an offer for Areva NP, including “ownership ratios.” MHI first expressed interest in investing in Areva NP in June. The companies jointly designed and are building a 1,100-MW Atmea nuclear reactor in Turkey.

China National Nuclear Corp. signed a memorandum of understanding with Areva to acquire a minority stake in the nuclear build company. EDF owns a 51 percent share and Areva will keep 15 percent. The remaining 34 percent is available for outside investors. Areva NP reported a 4.8 billion euros ($5.2 billion dollar) loss in 2014 and announced it would cut between 5,000 and 6,000 jobs across the group, including 3,000 to 4,000 in France, by the end of 2017.

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