France, China Sign $22 Billion Nuclear Accord on Hollande Visit

  • China's CNNC will take stake in Areva, French official says
  • Areva shares jump 5.2% following news of accord, stake sale

France and China signed an industrial cooperation agreement on nuclear waste recycling that could be worth 20 billion euros ($22 billion), with about half of the market for Areva SA, according to the French government. Areva shares rose.

A memorandum on the partnership signed Monday during a visit by President Francois Hollande to Beijing isn’t a commercial contract, said a statement from the French presidency.

Separately, China National Nuclear Corp., an operator of atomic plants, will take a stake in Areva, with the size and price yet to be determined, according to an official traveling with Hollande who could not be named under government rules.

Areva shares jumped as much as 5.2 percent and were trading at 6.827 euros at 12:36 p.m. in Paris.

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