His primary concern however is to go fast

The Prime Minister, François Fillon, confirmed yesterday: Areva must focus on nuclear power, "its core business." If the date of the next meeting of the Board of Areva is not yet set it should intervene next week or early June his conclusion seems already written: French champion of nuclear power should launch the sale of its subsidiary of T & D networks equipment. On 30 April, the public shareholder had given three weeks to the management to study the sale of its subsidiary, coveted by Alstom. Initially reluctant to one such operation, the President of the Executive Board, Anne Lauvergeon, seems to bend. "Therefore that it is to develop the integrated model of Areva in the nuclear, it is an acceptable option," observed one of his relatives. In other words, provided that the State will not use the crossing, and that the money remains in the business...

Need to cash

Historically, the boss has always defended the idea that T & D offered the group a decisive balance, as it seen from the recurrent cash that nuclear activities are intensive cash. But the arguments for an assignment are not lacking. First, in a sector in consolidation, the subsidiary of transmission and distribution should have need to keep his cash for acquisitions. Party to a market share of 7 in 2004, the number three world in today claims 11 and is 15 to better compete with the two leaders, ABB and Siemens. Second, by strengthening its own funds with this sale, Areva can go into debt in good condition with a solid rating, even if the group benefits more recurrent risk-taking of T & D.

The Group considers need 3 to 5 billion euros to finance its growth and the acquisition of Siemens shares in their joint subsidiary, Areva NP. Assessed between 3 and 5 billion euros, T & D could meet these needs. As candidates are not. Alstom said. "If T & D is to sell, what remains to be confirmed, we will be interested," repeats his boss Patrick Kron, who is close to Nicolas Sarkozy. In addition to General Electric, Schneider Electric will probably look at the record. Together, the two companies would create a world leader in average tension with 15 of the market, according to a close source of T & D. But the operation would be a force financial Tower for Schneider, and it could cause problems of competition.

Investment funds are also on the ranks. It is AXA Private Equity. The subsidiary of the French insurer is studying an alliance with an industrial partner as minority or majority or with other companies for investment. HVAC is also active. On the other hand, sovereign funds could occur. Philippe Guillemot, the pattern of the subsidiary, pleads for long-term investors. His primary concern, however, is to go fast. "The important decisions to be taken quickly so that the company continues to implement its industrial project and remains in offensive mode", according to the pattern of T & D.

If a sale scenario continues to be of internal turmoil, the unions met Monday with the socialist MP Bernard Cazeneuve, is beautiful and well the rope. The opening of the capital, "this question must be asked in strategic terms and non-financial, but was a little bit longer for this", according to a government source.

Look for a new partner

Clear: the output of the German group Siemens, which will forge an alliance with Russian Rosatom, sounding boards and Areva would seek a new partner to impose on the international scene. The group is already closely working with the Japanese Mitsubishi Heavy Industries (MHI). Together, they have common companies in reactors of average power and nuclear fuel.