PARIS – French nuclear power group Areva has sold its stake in oil giant Total in order to fund its own projects, the Figaro newspaper reported Saturday.
Neither company would comment on the report, which said that Areva gave up its 0,4 per cent share of Total valued at nearly 400 million euros (US$540 million) some two weeks ago.
Areva is seeking some three billion euros to finance its investments and said in February part of the cash would be raised by divesting its holdings in other companies.
Areva, which still holds 1,2 percent of GDF Suez, is reportedly under pressure from the French government to hive off its T&D subsidiary specialising in electricity transmission and distribution, which Alstom had been obliged by financial troubles to cede to the nuclear group in 2004.
Alston, whose finances have since improved, said earlier this month that it was interested in buying back T&D at a cost estimated at between three billion and five billion euros.
-Nampa-AFP
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