EDF to cancel proposed EUR 2.5bn acquisition of Areva NP depending on French nuclear authority decision
Listed French electricity group EDF [EPA:EDF] is understood to be considering cancelling the proposed EUR 2.5bn acquisition of Areva NP from listed French mining and nuclear reactors specialist Areva [EPA:AREVA], French weekly Le Journal du Dimanche reported.
The report cited a person close to EDF as saying that EDF is waiting for a decision from the French nuclear authority (Autorité de Sureté Nucléaire or ASN), which is currently reviewing alleged defaults on a tank built by Areva for the new generation EPR nuclear reactor in Flamanville, France. The decision could be announced by the end of the year, the source claimed, adding that EDF was not ruling out bringing the file before the courts if the findings are not good for Areva.
According to the report, a clause in the deal agreement between EDF and Areva allows EDF to walk away from the acquisition contract if the tank is not certified as conforming to the standards by the authority.
Le Journal du Dimanche