French industry restructuring underway

19 July 2001


The country’s nuclear power and new technology interests will be grouped in a single holding company, provisionally called Topco. The nuclear power and technology activities are currently linked together by a web of cross holdings with CEA at the top of the web.

Topco will include Cogema, Framatome, France’s 11% stake in chipmaker STMicroelectronics and Framatome’s new technology unit Framatome Connectors International.

Initially, TotalFinaElf will sell five-sixths of a 14.5% stake in Cogema to CEA. TotalFinaElf’s remaining Cogema shares will represent about 1% of Topco when it is formed. Cogema and Framatome will bring their assets under Topco’s umbrella and the CEA will issue just over six million new shares to their minority shareholders.

On completion of the restructuring, CEA will have a 78.96% share of Topco, the state will hold 5.19%, minority Cogema shareholders – such as TotalFinaElf and bank Caisse des Depots et Consignations – will have 5.59% and Framatome shareholders, including Electricité de France and Alcatel, will hold 6.23%.




Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.