An approach that could have the favours of EDF

Anne Lauvergeon increases the pressure. "If there is no increase of capital, we will be forced to reconsider our investments downward", said yesterday at the "world" the patron saint of Areva. French champion of nuclear considers need approximately 3 billion euros for its growth. This addition 2 billion needed to pay the participation of Siemens in their joint subsidiary of Areva NP reactors. Wednesday evening, the Standard & Poor's financial rating agency has also sounded the alarm, threatening to lower note A 1 of the public group here this summer without a capital injection and disposals of assets.

As Nicolas Sarkozy at Flamanville announced in February, the folder is part of priorities. An important meeting was also scheduled Tuesday last with Claude Guéant, Secretary General of the Elysee, and Christine Lagarde, Minister of finance, prior to be postponed because of g-20. Two schemes are on the table.

First, as defended by Anne Lauvergeon with a capital increase funded state, more assignments of non-strategic assets (holdings in GDF Suez, Safran or Eramet...) and the opening of the capital of mining subsidiaries (Uramin, Imouraren...) or industrial (Georges Besse II...).

The Elysee will decide

Second, a scenario consisting of to form a hard core with the actors of the French nuclear industry, including EDF, GDF Suez, Total and Alstom, as well as potential foreign partners such as Mitsubishi, or even the sovereign wealth Fund Abu Dhabi, or the Kuwait. An approach that could have the favours of EDF. "The solution could also be a mixture of the two schemas," insists a close to the discussions. The folder will be decided by the President of the Republic. "Nothing is stopped for the moment, but things can accelerate in the months," added another source. The scenario of a merger with Alstom appears, he set aside for the time being.

In parallel, Areva negotiates his divorce with Siemens. "Discussions are taking place in a professional, not confrontational atmosphere", ensure the two groups. They have split the question of the control of the rest. In this trade, Siemens delivers a technology platform to enable tools Areva. The two groups want to work together on this job. Later, the French could turn to another partner, such as Alstom, Thales. Ditto for German, with his new partner, Rosatom.

Share and on the other, is however maintain a commercial relationship in the long term, which explains the good will that accompanied the negotiations on the second aspect, legal and financial. Here, the partners of yesterday must assess the interest held by Siemens. Is it worth 2 billion EUR, as registered in the accounts of Areva, or more Some refer up to 5 billion. "Everything depends on the renaissance of nuclear scenarios, according to a close source from the folder." Will there be 180 new reactors in the world by 2020, or 600 "In case of disagreement, the parties will appoint the" Institute of Chartered Accountants in England and Wales ", which will determine definitively the"fair market value ".

The clause of non-competition imposed on Siemens for eight years is also subject to interpretation. According to Siemens, it prohibited only to take a more than 50 stake in a rival of Areva, says an expert. But the German group will be minority in its joint venture with Rosatom. "But can also mean that Siemens will have a decisive influence in this society."

Another argument advanced by Siemens: this clause is not valid because that too long. In its guidelines, the European Commission did not accept that such clauses exceeds three years in normal conditions. For the French, the length of the investment cycle nuclear exceptionally justify longer. The Commission would have even acknowledged giving its green light for thirty years to the clause of non-competition applying during the partnership, and not for five years as it is usually.