Word: areva
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...Lauvergeon, though, has kept her top spot, with recently appointed supervisor Jean-Cyril Spinetta, chairman of Air France-KLM, backing most of her positions - even if plans for a public offering of shares in Areva, something for which Lauvergeon has long lobbied, have now been dropped. "About the only thing she hasn't gotten her way on is hearing [President] Nicolas Sarkozy say 'O.K., let's float this company,' " Elias says. "Apart from that, though, we're seeing further confirmation that she's one of the best managers in the industrial world...
...need all her savvy in the months ahead. Besides getting its Finnish project back on track, Areva's biggest concern is money. The company needs about $14 billion in capital to finance its business for the next several years - and another $2.8 billion to buy Siemens' joint-venture stake. Spinetta's plan calls for the state to sell 15% of Areva to new investors. Leading potential buyers include Mitsubishi - a frequent Areva partner - and Abu Dhabi's flush sovereign wealth funds. (Read: "Abu Dhabi: An Oil Giant Dreams Green...
...Areva also plans to sell off its shares in a number of smaller French companies as well as T&D, an energy-transmission affiliate that it bought for around $1 billion in 2004, which is now valued at nearly $5 billion and accounts for 20% of the company's profits...
...Ambition Meets Competition Areva boosters say the cash generated by off-loading noncore assets will be used to modernize existing reactors and help build new third-generation plants. And in an industry where experience is everything, the company may even be able to spin the setback in Finland as a valuable learning experience. By focusing on its latest reprocessing technology, which produces less waste, Saulnier says Areva aims to capture one-third of the new reactor construction market by 2030. "Even though 30% of a sector is big, we think environmental concerns, and the energy needs of the world...
...competition is heating up. Siemens now looks set to form a partnership with Rosatom, Russia's main nuclear-energy company and the world's second largest. The move will give the Russian firm new technological and engineering credibility, and mean another strong rival for Areva right in its own backyard. And China's push for nuclear plants is likely to presage competition from that country. "China wants the ability to build its own nuclear facilities in the future," says Nicolas Véron, a capital-markets and foreign-investment expert with Brussels think tank Bruegel. "A large part...