Kuwait to acquire $792m stake in Areva

11 Dec 2010

(MENAFN) Kuwait’s sovereign wealth fund is to take a $792 million stake in French nuclear group Areva as part of a capital increase that will also see the French state invest $300 million.

Economy Minister Christine Lagarde said in a statement that the Kuwait Investment Authority (KIA) would take a 4.8 per cent stake in the French nuclear reactor maker, in which the French government has an indirect stake of around 90 percent.

These proposals from KIA and the state will be examined on December 11 by the (Areva) supervisory board, said Lagarde in a statement that came minutes after Areva announced its supervisory board would meet on Saturday.

KIA and the French state agreed on a shareholding pact under which Paris has committed to ‘do its utmost’ to list Areva on the stock market by June 2011, Lagarde said.

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