Areva completes sale of Areva TA subsidiary

2 April 2017

Areva SA on 29 March sold its majority stake in Areva TA, its subsidiary specialising in nuclear propulsion and research reactors which employs nearly 1,500 people. It was bought by a consortium comprising the French government’s Agency of State Holdings (Agence des Participations de l’Etat – APE), the French Alternative Energies and Atomic Energy Commission (Commissariat à l'énergie atomique et aux énergies alternatives – CEA) and the French industrial group DCNS. The three parties had signed a sale agreement in December 2016.

The French state, by way of the APE, is now the majority shareholder with 50.32% of the capital of Areva TA, while the CEA, DCNS and EDF hold stakes of 20.32%, 20.32% and 9.03% respectively. Areva, which is 85% government-owned, said the sale was one of four principal disposal operations planned as part of an €8bn ($8.5bn) plan to rescue Areva after five years of consecutive losses. Canberra (nuclear measurements), Adwen (offshore wind) and Areva TA have now been sold. The sale of reactor unit Areva NP to state-controlled power utility EDF is expected to be finalised by the end of 2017.

On 31 March, Areva announced that it would no longer publish quarterly financial information because the information was not relevant to the scope of its continuing operations. NewCo, Areva NP and Areva TA “are now classified as operations sold, held for sale or discontinued, and no longer contribute to the group's consolidated revenue”, the company said. “Remaining within the scope of the continuing operations are the construction of unit 3 at Finland’s Olkiluoto NPP, “for which revenue is no longer recognised since the first half of 2013 … and the bioenergy business, whose operations are being phased out”.

Areva SA on 29 March sold its majority stake in Areva TA, its subsidiary specialising in nuclear propulsion and research reactors which employs nearly 1,500 people. It was bought by a consortium comprising the French government’s Agency of State Holdings (Agence des Participations de l’Etat – APE), the French Alternative Energies and Atomic Energy Commission (Commissariat à l'énergie atomique et aux énergies alternatives – CEA) and the French industrial group DCNS. The three parties had signed a sale agreement in December 2016.

The French state, by way of the APE, is now the majority shareholder with 50.32% of the capital of Areva TA, while the CEA, DCNS and EDF hold stakes of 20.32%, 20.32% and 9.03% respectively. Areva, which is 85% government-owned, said the sale was one of four principal disposal operations planned as part of an €8bn ($8.5bn) plan to rescue Areva after five years of consecutive losses. Canberra (nuclear measurements), Adwen (offshore wind) and Areva TA have now been sold. The sale of reactor unit Areva NP to state-controlled power utility EDF is expected to be finalised by the end of 2017.

On 31 March, Areva announced that it would no longer publish quarterly financial information because the information was not relevant to the scope of its continuing operations. NewCo, Areva NP and Areva TA “are now classified as operations sold, held for sale or discontinued, and no longer contribute to the group's consolidated revenue”, the company said. “Remaining within the scope of the continuing operations are the construction of unit 3 at Finland’s Olkiluoto NPP, “for which revenue is no longer recognised since the first half of 2013 … and the bioenergy business, whose operations are being phased out”.



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