{"id":186972,"date":"2017-01-11T07:51:54","date_gmt":"2017-01-11T04:51:54","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/news\/?p=186972"},"modified":"2017-01-11T07:51:54","modified_gmt":"2017-01-11T04:51:54","slug":"eu-clears-french-rescue-of-troubled-nuclear-firm-areva","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/news\/2017\/01\/eu-clears-french-rescue-of-troubled-nuclear-firm-areva\/","title":{"rendered":"EU clears French rescue of troubled nuclear firm Areva"},"content":{"rendered":"
\"\"

The European Commission concluded that France could inject 4.5 billion euros ($4.75 billion) to Areva © AFP\/File \/ Eric Piermont<\/b><\/p><\/div>\n

Brussels, Belgium, Jan 10 – <\/i>EU anti-trust regulators on Tuesday cleared the French government’s massive restructuring of troubled state-owned nuclear reactor builder Areva.<\/p>\n

Problem-prone Areva, which is 87-percent owned by the French state, has faced severe difficulties since 2011, when the Fukushima disaster in Japan called nuclear power generation into question across the world.<\/p>\n

In April, Paris notified the EU Commission of a big restructuring plan to save the national champion that included a massive payout from public coffers.<\/p>\n

“The European Commission has concluded that French plans to grant a capital injection of 4.5 billion euros ($4.75 billion) to Areva are in line with EU state aid rules,” a statement said.<\/p>\n

The Commission added that other regulatory decisions were still needed, including a greenlight by the EU on the buyout of Areva’s reactor business by EDF, the French state-owned electricity supplier.<\/p>\n

Areva’s woes were compounded by construction problems affecting its first EPR reactor in Finland — now expected to open nine years late in 2018 — putting company finances deep into the red.<\/p>\n

In addition, Areva’s former CEO Anne Lauvergeon has been charged in a case linked to the company’s disastrous 2007 purchase of a Canadian uranium mining firm.<\/p>\n

EDF, also majority-owned by the French state, agreed in June 2015 to purchase up to 75 percent of Areva’s reactor unit at a valuation of around 2.7 billion euros, with the deal expected to be finalised in 2017.<\/p>\n

France sees nuclear energy as a key national industry and the government has been closely involved in talks to restructure the sector.<\/p>\n

The French state has already poured in billions to keep Areva afloat and thousands of French workers in their jobs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brussels, Belgium, Jan 10 – EU anti-trust regulators on Tuesday cleared the French government’s massive restructuring of troubled state-owned nuclear reactor builder Areva. Problem-prone Areva, which is 87-percent owned by the French state, has faced severe difficulties since 2011, when the Fukushima disaster in Japan called nuclear power generation into question across the world. In […]<\/p>\n","protected":false},"author":12327,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"coauthors":[],"class_list":["post-186972","post","type-post","status-publish","format-standard","hentry","category-world"],"yoast_head":"\nEU clears French rescue of troubled nuclear firm Areva » Capital News<\/title>\n<meta name=\"description\" content=\"Brussels, Belgium, Jan 10 - EU anti-trust regulators on Tuesday cleared the French government's massive restructuring of troubled state-owned nuclear - Kenya breaking news | Kenya news today | Capitalfm.co.ke\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.capitalfm.co.ke\/news\/2017\/01\/eu-clears-french-rescue-of-troubled-nuclear-firm-areva\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EU clears French rescue of troubled nuclear firm Areva\" \/>\n<meta property=\"og:description\" content=\"Brussels, Belgium, Jan 10 - 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