PARIS (AP) - the Supervisory Board of French nuclear reactor builder Areva SA Saturday approved the launch of a capital increase reserved for euro900 million ($1.2 billion) - with euro600 million of the Kuwait Investment Authority.
The French State will buy the rest euro300 million, Areva has said.
The decision was made to a meeting of the Supervisory Board chaired by the President Jean-Cyril Spinetta. French Finance Minister Christine Lagarde announced plans Friday.
Capital increase represents 7.2% of the capital of Areva.
Bring the Kuwait Investment Authority, which represents the State of the Kuwait, Areva, ends with long months of dickering about fundraising at the French nuclear giant - a strategic asset for the France - for an investment plan several billion dollars.
In a statement, stated that, in a two-step process, the move to the Kuwait will be followed by a capital increase reserved for holders of certificate of investment, such as preference shares be structured without voting rights.
"These transactions will allow the Group strengthened its actions and to continue its development with a reinforced capital structure plan", said the statement.
The Kuwait Investment Authority, or KIA, will not have a seat on the Supervisory Committee. However, as part of the agreement, agreement between the French State shareholders and KIA provides stability of participation for 18 months.
In order to ensure the liquidity of the subscribed titles, State "has agreed to make its best effort to introduce common shares in the negotiation during the first half of 2011," the statement said. The company shares are currently listed in the form of investment certificates.
The Group provides an offer reserved for employees once Areva shares are traded, the company said.
General shareholders meetings are planned which will take place on 23 December to approve the plans.
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