An activist even asked the drafting of a manifestThey were 130000 Native from free fatherlandThe result is that Enel now produces only 33 of the electricity in ItalyTheir social utility cannot go hand in hand with a bloated stock market liquidity3 billion pounds according to Merrill LynchSome 100 million of these machines have elapsed in the world He grows a lateralism form over functionThe election does not guarantee democracyPassersby bulge eye or burst out laughingSwaps specialists role growing in several marketsIncrease in capital, transfers of assets, reduction of the dividend... After a highly anticipated Supervisory Board, Areva announced yesterday a cocktail of measures, for the most widely anticipated, intended to meet its financing needs. In total, they could raise up to 8 billion. What provide the bulk of the investments of 10 billion euros planned between this year and 2012 by the French nuclear champion. And "continue the race in mind", according to Anne Lauvergeon, the President of the Executive Board of the Habs public group. As international competition sharpens to participate in the renaissance of the atom.
First step announced, and the more symbolic, the decision to enter "of the strategic and industrial partners" of 15 in the capital of the French nuclear champion. On the basis of the current price, this corresponds to EUR 2 billion. AREVA did not specify the names of potential candidates, but discussions were held with sovereign wealth funds of Abu Dhabi and the Kuwait. Side industrial, Areva and its Japanese partner Mitsubishi Heavy Industries (MHI) have never hidden their desire to cooperate more closely. Sources close to the record, the idea is to propose three tickets less than 5 of the capital each.
Discussions with the United Arab Emirates, who study, on the other hand, the purchase of several EPR reactors, are advanced. Local fund Mubadala could get shareholder both Areva and us rival General Electric, which cooperates with Hitachi in nuclear power. In fine, the French State control more than 75 of the capital, instead of its current 93. The capital increase will be also open to holders of certificates of investment already traded and an employee share ownership project is also planned. For the CFDT, this "privatisation of nuclear power presents enormous risks for safety and security of our nuclear facilities". This reconstruction of the capital sign, at least temporarily, the abandonment of the proposed merger with Alstom defended by its CEO, Patrick Kron.
Other assignments on the table
Second measure, the sale of the subsidiary of transmission and distribution (T & D), between 3 billion and EUR 5 billion. The edge of the negotiations, each raises its conditions. AREVA "be careful, in addition to the proposed price, industrial and social project". Out of the question, therefore, to sell to the cut, according to Anne Lauvergeon. A joint ticket between Schneider Electric and Alstom is thus excluded. For his part, Patrick Kron, candidate said the acquisition, wants to preserve "financial health" Alstom... "Depending on the quality marks of interest that will be received, the decision to transfer or not T & D and the choice of a prospective purchaser will be taken before the end of the year", said Areva. Internally, it is a decision in September.
Other assignments on the table, in the French mining group Eramet and the society of technology STMicroelectronics. Anne Lauvergeon had consistently said that 26 in Eramet, it was "either it is too much or not enough." In the past, she considered an assignment to the Brazilian CVRD. The State had blocked the project. Now, he is ready to assignment, subject entries in Eramet and STMicroelectronics are still "under public ownership, given their strategic nature", reported yesterday, the economy Minister Christine Lagarde. A sensitive file more so for the Caisse des Dépôts et Consignations, the strategic investment fund or society public holding company Erap. On the sale of stake in saffron, it appears to be more distant.
Sign of the State support for the undertaking, the Supervisory Board decided yesterday to a new dividend policy. It will limit to 25 the rate of distribution of net income, from the 2010 accounts. The company will be able to have more freely its results. In recent years, the State tended rather to be shamelessly: since 2004, the rate of distribution varied between 32 and 80. In 2008, Areva has paid for dividend EUR 326 million. However, the reduction of the dividend is bad news for the Commissioner of Atomic Energy (CEA), which depends on this manna to fund its activities (see below).
Despite the issues that remain, beginning with that of an alternative solution if T & D should not be sold, the measures announced are a breath of oxygen to the nuclear group. "This comprehensive and coherent financing plan give high visibility to Areva on its development and brings the resources for its ambitions on its core nuclear business," said Christine Lagarde. Incidentally, it strengthens the position of Anne Lauvergeon. Have been weakened in recent weeks by a campaign of destabilization, the Patron Saint is to be renewed for five years at the head of the subsidiary, Areva NC.
