EU clears French capital injection for Areva
A view shows the Areva Tower, the headquarters of the French nuclear reactor maker Areva, at La Defense business and financial district in Courbevoie near Paris, France, May 7, 2015. REUTERS/Charles Platiau
BRUSSELS (Reuters) - European Union antitrust regulators approved on Tuesday French plans to grant a capital injection of 4.5 billion euros (3.91 billion pounds) to nuclear group Areva
France, which owns 87 percent of Areva, notified the European Commission in April of the restructuring plan to restore the group's competitiveness and financial position.
State aid may be authorized under certain conditions when it contributes to an objective or common interest without unduly distorting competition.
The European Commission, which oversees competition policy in the European Union, said the state aid was subject to conditions, in particular a positive conclusion of tests on the nuclear reactor vessel Flamanville III and an approval of the divestment of Areva's reactor business.
Areva will concentrate on nuclear fuel.
(Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Dollar slips ahead of US growth data; yen on intervention watch
- Exclusive-ByteDance prefers TikTok shutdown in US if legal options fail, sources say
- L3Harris raises top end of 2024 adjusted earnings outlook amid global tensions
Create E-mail Alert Related Categories
Forex, ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!