The European Commission has given its approval to the French State for its participation in the capital increases of Areva and NewCo - combining all Areva's operations related to the fuel cycle - up to a maximum of €4.5bn out of a total amount of €5bn. In December 2016, Areva received offers from strategic investors, with a view to subscribing to the capital increase of NewCo, for a firm investment of €500m.
This authorization is subject to the lifting of two preconditions. These preconditions are attached, for the first part, to the European Commission’s approval of the merger between EDF and New NP and, for the second part, to the positive conclusion of the tests by the French nuclear safety authority concerning the nuclear reactor vessel of the Flamanville 3 EPR reactor.
In November 2016, EDF and Areva agreed on EDF taking over exclusive control of an entity named NEW NP, a 100% subsidiary of Areva NP, that will combine AREVA Group’s activities relating to design and equipments’ manufacturing of nuclear reactor and, fuel design and assemblies manufacturing and services to the nuclear installed base. The transaction is on a debt-free, cash-free basis, i.e. not including Olkiluoto-3 in Finland or contracts relating to components forged in Le Creusot plant.