Areva SA, the biggest supplier of nuclear reactors, will raise 900 million euros ($1.2 billion) in a share sale, bringing in a Kuwaiti sovereign wealth fund alongside the French state to help finance investments.
Kuwait Investment Authority is offering to buy 600 million euros of new shares, giving it about 4.8 percent of the Paris- based company, the French Finance Ministry said today in a statement. The state, which owns 91 percent of Areva, will purchase an additional 300 million euros of new stock.
France has been in talks for about a year to sell as much as 15 percent of the company to Kuwait, Japan’s Mitsubishi Heavy Industries Ltd. and the sovereign fund of Qatar. Areva Chief Executive Officer Anne Lauvergeon had aimed to raise 3 billion euros in the capital increase to help fund spending on equipment, plants and uranium mines to fend off competition and sell more reactors and fuel in Europe, China and India.
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