Kuwait invests 300 million euro in Areva group
Areva group's Supervisory Board, meeting under the chairmanship of Jean-Cyril Spinetta, approved the launch of a reserved capital increase of 900 million euros, representing 7.2% of its share capital at the completion of the transaction, subscribed to by the Kuwait Investment Authority (KIA), acting on behalf of the State of Kuwait, in the amount of 600 million euros and the French State in the amount of 300 million euros.
This will be followed by a capital increase reserved for investment certificate holders, structured as an issue of preferred shares without voting rights in accordance with the holders' anti-dilution right.
These transactions will enable the group to strengthen its equity and pursue its development plan with a reinforced capital structure, the French group said.
During the discussions held with KIA, the group indicated its outlook for 2012 which includes revenues of 12 billion euros and double-digit operating margin.
Kuwait Investment Authority's proposal came to 32.5 euros per ordinary share after stock split, for 18,461,538 ordinary shares with a par value of 3.8 euros, for a total stake of 600 million euros. In addition, a shareholders' agreement between the French State and KIA was formed providing in particular for the stability of KIA's stake in AREVA for 18 months. KIA will benefit for the duration of the agreement from protections against potential dilution. KIA will not have a seat on the Supervisory Board.
- Salutation to the sun: Saudi solar investment to provide third of country's energy
- Burning the candle at both ends: Iraq's pressing energy crisis
- Are you in the know? The details on Egypt's energy restructuring plan
- Nuclear energy in the Middle East: a renewable menace?
- Will passing gas ease Israel's tensions with Egypt and Turkey?
- Qatar: Areva, Siemens Power win 10.3 million euro contract
- 12,300 tonnes of uranium in Jordan
- France’s Areva wins €32 million contract to upgrade Algeria’s electrical network
- UAE: Nuclear power plant project to be offered
- Saudi Arabia and France might not see eye to eye on the Niqab, but they surely do on energy matters