PARIS, (Reuters) – The board of France’s Areva will meet today to weigh its recapitalisation, which could see Kuwait’s sovereign wealth fund invest in the state-owned maker of nuclear reactors, according to les Echos.
The paper said that the Kuwait fund is ready to put 500 million to 600 million euros ($792 million) in Areva.
The French government, which has a large role in setting Areva’s strategy, has, however, rejected proposals from Qatar’s sovereign wealth fund and Japan’s Mitsubishi Heavy Industries, which both wanted to invest in Areva, according to the paper, without citing its sources.
The French state plans to put in about 300-400 million euros as well, but the total sum will fall far short of the 3 billion that the company had initially been seeking to fund its international expansion and development.
“If everything goes as planned, the recapitalisation could reach 1 billion euros and be concluded before the end of the year,” wrote the paper