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Areva to Sell La Mancha Stake, Close Virginia Plant, AFP Says

Areva SA (CEI) wants to sell its 63 percent stake in Canadian gold mining company La Mancha and close U.S. nuclear fuel plants in Virginia and Tennessee as part of a plan to shore up its finances, Agence France-Presse reported yesterday, without saying where it got the information.

The plan, to be presented next month, includes 1,000 to 1,200 job cuts in France through attrition and voluntary departures, and plant closures in Germany and Belgium, AFP said. The company aims to save 500 million euros ($677 million) in 2013, and 750 million euros annually from 2015, the news agency said. Areva yesterday denied AFP’s report about job cuts in France.

Areva also wants to sell a Canberra unit and its stake in Eramet (ERA) SA, AFP said. It plans to invest about 7 billion euros through 2016, down from a previous goal of 12 billion euros, the newswire said. Areva spokeswoman Patricia Marie declined to comment on the plan when called by Bloomberg News today.

To contact the reporter on this story: Francois de Beaupuy in Paris at fdebeaupuy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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