This is nothing to say that the recapitalization of Areva by the State, a few weeks after the injection of 3 billion euros in EDF is wrong in this period of food shortage in the budget.
“(…) it is unacceptable in the case of Areva that such outbursts could take place, a management also destitute of public funds is absolutely unacceptable,” said Wednesday, July 12, the minister of Economy and Finance before the Finance commission of the national Assembly, denouncing “the way in which this public company has been managed, and the cost that it represents for the public finances”.
Bruno Lemaire said on this occasion that the needs of Areva were “superior to the entirety of the savings that the minister of the public Accounts should be found in 2017 to bring us back under the 3% (deficit-to-GDP ratio)”.
The lifting of suspensive conditions
This 12 July, following the lifting of several conditions precedent in the boards of directors of Edf and Areva, the State agreed to a first capital increase of 2 billion euros, Areva SA ; This structure houses the assets at risk, including the EPR Finnish OL3 whose entry into service, repeatedly delayed, must be done in 2018, and litigation, as well as the risks associated with the anomalies detected in the Creusot factory where were manufactured the tank and the lid of the EPR of Flamanville and Taishan.
Other conditions precedent imposed last February by the shareholders of Areva have been lifted since, whether the agreement of Brussels for the takeover of Areva NP EDF or of the favourable opinion of the nuclear safety Authority (ASN) on the bowl and the lid of the EPR at Flamanville, which is granted on the 28th of June last.
In the framework of this operation, 1 billion euros lent by the State to the company since the beginning of 2016, will be transformed into equity.
Entry of japanese investors in the capital
By 31 July, the State shall obtain also the capital increase of € 2.5 billion of the new Areva dubbed NewCo, whose activities are centred on the fuel cycle (mining and processing of uranium).
These 4.5 billion provided by the government will add – after the assignment of the New NP, the activity reactors, housed in the g. Areva NP – 500 million euros. This amount corresponds to equity of 5% each of Japanese Mistubishy Heavy Industry (MHI) and Japan Nuclear Fuel Limited (JNFL).
“The completion of these capital increases, which represents a mobilization exceptional financial State, is a major element and the last step in the plan of restructuring of the nuclear sector French committed in 2015, before the final completion of the transfer of the exclusive control of the New Areva NP, EDF “, stressed Bruno Le Maire in a press release.
At the end of this capital increase made at a price of 4.5 euros per share, the State will hold 92,22% Areva SA and 91,69% of the straight vote.
Bruno Le Maire, said on this occasion that the State ” reiterates its confidence in the officers and employees of Areva to carry out this last step “.