Financial News 23 October 2012
French nuclear power group Areva SA (EPA:AREVA) unveiled exclusive negotiations over the sale of its US nuclear measurement solutions unit Canberra Industries Inc to French private equity firm Astorg Partners, as part of a strategic plan announced in December last year.
Under the Action 2016 strategic initiative, Areva has set out to sell assets with the aim of cutting debt and raising funds to finance its strategic and safety investment programme, the vendor explained.
Areva provided no further details about the ongoing talks in its short, regulatory statement, but Reuters cited informed people as saying that the private equity suitor had made an offer that gives Canberra a value of between EUR310m (USD405m) and EUR350m. The information provided by these sources confirmed a report by French newspaper Les Echos. According to the daily, a deal could be struck within four to five weeks.
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