French utility EDF is set to gain unconditional approval from the EU competition authorities for its plan to acquire a controlling stake in ailing nuclear power engineering group Areva’s reactor business, a person familiar with the matter said on Friday.
State-controlled EDF wants to acquire 51 to 75 percent of Areva NP, which designs, manufactures and services nuclear reactors and is worth about 2.5 billion euros ($2.8 billion).
The deal is crucial for France, which has Europe’s largest network of nuclear plants, and uses EDF and Areva to spearhead its export efforts against competition from Russia’s Rosatom and Japan’s Hitachi Ltd.
The European Commission, which is scheduled to decide on the deal by May 29, declined to comment. EDF and Areva had no immediate comment.
Full Content: Nuclear Street
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