World Economy
0

EU Okays EDF Takeover of Areva

EU Okays EDF Takeover of ArevaEU Okays EDF Takeover of Areva

EU anti-trust regulators cleared the buyout of Areva’s troubled state-owned nuclear reactor business by EDF, the electricity supplier also owned by the French state, AFP reported. Problem-prone Areva, which is 87% owned by the French state, has faced severe difficulties since 2011, when the Fukushima disaster in Japan called nuclear power generation into question. In April, Paris notified the EU Commission of a big restructuring plan to save the national champion that included a previously approved €4.5 billion ($4.75 billion) payout from public coffers. “The European Commission has approved EDF’s proposed takeover of New NP, the Areva Group’s nuclear reactors business, under the EU merger regulation,” said an official statement.

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com