It should not be that there is distortion of competition

EDF is negotiating firm foot climb to the capital of Areva. End of July, on the occasion of the publication of the synthesis of the Roussely report on the future of the French nuclear industry, the Elysee announced that "the possibility of making participation of EDF in the capital of Areva would be discussed." The idea, that does not appear in the report Roussely would be that the public electrician significantly increases its participation, now limited to 2.4.

According to "La Tribune", which evokes a passage 10 or even 15, "question seems determined at the highest level of the State". The project is rather than EDF monte "in height from 5 to 6 ", yesterday qualified to Reuters a government source. The Elysee is cautious: "Nothing is decided," said his spokesman.

The President of the Republic and the Secretary-General of the Elysee, Claude Guéant, are favourable to the rise of EDF, according to several knowledgeable sources. "Areva needs of own funds, explained the Minister in charge of energy, Jean-Louis Borloo,"Echos"last Monday". Regardless of the conversations that take place with other partners, including foreign, it appears desirable that EDF is participating in this capital increase.

But the resistors are not lacking. The electrician, the difficulty would be to justify the transaction to investors, already worried by its indebtedness. "If EDF took an additional 10 stake in Areva, this corresponds to an investment of EUR 1 billion, with an uncertain return", Per Lekander, analyst at UBS. "Why not such an operation." "But the management will have to show that it is not the puppet of the State," said another analyst. So by becoming a shareholder of weight of Areva, EDF could more difficult to buy foreign reactors. Where issues of relatives of Henri Proglio on accounts of Areva and valorization. "A time where the State reflects on the French nuclear sector, EDF is obviously available if Areva equity needs." But at what cost and with what information ", asked one of them. Henri Proglio in particular wishes to obtain the audit conducted by René Ricol, the accountant commissioned by the Elysee Palace before the summer to see clear in the accounts of Areva.

Six working groups

These negotiations are likely to pollute the discussions between the two groups under the strategic partnership they are supposed to sign to end their infighting. Six working groups were set up, on topics ranging from the feedback of the shipyards of EPR reactor fuel passing through the Organization of international tenders. After a first meeting in early September, Henri Proglio and Anne Lauvergeon should review in October.

The patron saint of Areva is fiercely opposed to the rise of EDF capital. It considers that other customers will turn away from his group. "We are a large customer of Areva and we want the stay so recently declared"New plant"Gérard Mestrallet, GDF Suez pattern." The presence of a competitor to the capital of the company will be for us, as for the other electricians, a point of attention. It should not be that there is distortion of competition. ""With a seat on the Supervisory Board, EDF could have knowledge before all of the projects of its competitors", is concerned about another electrician.

For Areva, one wonders how, under these conditions, achieve capital increase that negotiates the State since a year with the Japanese Mitsubishi and the Qatar and the Kuwait sovereign wealth funds. However, if they are still candidates.