France’s CEA-Industrie (the state atomic energy division), Cogema and Framatome have agreed terms to restructure the industry.
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%.