December 15, 2017 / 11:30 AM / a year ago

EDF board approves buying 75.5 pct of Areva NP by end 2017 - sources

PARIS, Dec 15 (Reuters) - The board of French state-owned utility EDF has given final approval for the acquisition of a 75.5 percent stake in Areva NP, the nuclear reactor construction unit of fellow state-owned nuclear group Areva, by year-end, three sources said.

One source said that the board had lifted required guarantees on the successful completion of Areva-designed EPR reactors in Flamanville, France and Taishan, China, as these reactors should be starting up in the coming year.

The source also said that Areva would not, as it had originally wanted, keep a 15 percent stake in its former reactor unit because of European Commission objections.

The companies have said previously that Japan’s Mitsubishi Heavy Industries (MHI) will buy a 19.5 percent stake in Areva NP, while French industrial engineering firm Assystem will buy a 5 percent stake. (Reporting by Geert De Clercq and Benjamin Mallet; Editing by Richard Lough)

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