Ahead of the sale of its reactor business to EDF, Areva has begun the process of splitting off its nuclear fuel cycle activities into a new entity, tentatively referred to as ‘New Co’. In late July 2015, EDF and Areva announced they had signed a memorandum of understanding setting out the principal terms and conditions for EDF to take a majority share in Areva’s reactor business, Areva NP. The following month, EDF’s board agreed on a final valuation of Areva NP’s activities at €2.5 billion ($2.8 billion) leading Areva’s board to give a mandate to CEO Philippe Knoche to finalize negotiations on the transaction. Areva said in June that New Co would be created as a wholly-owned subsidiary of Areva SA during the second half of this year, combining the Areva Mines, Areva NC, Areva Projects and Areva Business Support companies and their respective subsidiaries. The company announced yesterday that it has formally initiated the process for transferring its nuclear fuel cycle activities to New Co.
World Nuclear News 31st Aug 2016 read more »