UK moves closer to Urenco sale as Toshiba and Areva mull bids

City A.M. Reporter

CE’S Areva and Japan’s Toshiba are considering bids for nuclear fuel producer Urenco, but British, German and Dutch authorities disagree over what to do with the ultra-secret firm, industry sources said.

Britain is keen to sell its 33 per cent stake, and German utilities RWE and E.ON are talking to potential buyers over their combined 33 per cent, but the Dutch government is not considering a sale.

Analysts estimate that the uranium enrichment firm is worth between €2.5bn (£2.1bn) to €3.6bn, but some of the sellers are hoping for as much as €12bn.

Both Areva and Toshiba declined to comment.

Any transaction would require an agreement between the three governments due to the firm’s unique corporate structure.

A spokesman for the UK’s Department for Business, Innovation & Skills said yesterday that Britain was considering a sale of its Urenco stake and that the government was discussing its options with Urenco’s other shareholders but that no formal position had been taken yet.

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