General Electric (GE) in Talks to Sell Nuclear Turbines Unit to EDF (ECIFF)

September 22, 2021 9:59 AM EDT

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General Electric (NYSE: GE) and Electricite de France SA (OTC: ECIFF) are in early talks over a potential sale of GE’s nuclear turbines unit.

Two companies confirmed talks in a statement Wednesday after French media reported last month that EDF is in advanced talks to buy GE’s nuclear assets.

“GE being one of EDF’s key partners in the nuclear business, EDF is currently analyzing conditions under which the interests of the EDF Group would be best served,” the French

state-controlled utility said in a statement Wednesday.

“There is no certainty regarding the outcome of this work and of these exploratory discussions.”

EDF would boost its nuclear activities by purchasing, as well as the nation's plans to reduce dependency on others. GE bought the Steam Power unit as a part of its controversial acquisition of Alstom’s energy assets in 2015.

French Finance Minister Bruno Le Maire hopes that the talks will result in a positive outcome.

"It shows our support to nuclear power and our will to reinforce our national (energy) independence", Le Maire told journalists today.

Shares of GE are up over 2% today.

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