The European Commission has approved the restructuring of France’s Areva group, ruling that the French government’s plan to grant a capital injection of 4.5 billion ($4.8 billion) into Areva does not breech European Union (EU) state aid rules.
France notified the commission in April last year of the planned restructuring of Areva, which is 86.5% state-owned, in a bid to restore the group’s competitiveness. The plan will see Areva divest its nuclear reactor business, focusing its activities instead on its nuclear fuel cycle business. The government intends to inject 4.5 billion of public capital to help the company bear the costs of the restructuring.
EU member states are free to determine their own preferred energy mix, but the E…
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