Areva SA Quits Race For E.ON AG And RWE AG's Horizon Nuclear Project; Toshiba Corp, Hitachi, Ltd., And SNC Lavalin Group Inc. In Race For Project-Reuters

Wednesday, 3 Oct 2012 10:01am EDT 

Reuters reported that Areva SA has dropped out of the race to buy British nuclear new-build project Horizon, three months after announcing it was bidding for it with China Guangdong Nuclear Power Holding. Areva and CGNPC have suspended their interest in the planned sale of Horizon and did not submit a bid. Two other bids were submitted for Horizon on Friday, one from Areva's competitor Westinghouse and its parent company Toshiba Corp, the other from Japanese engineering firm Hitachi, Ltd. and Canadian counterparty SNC Lavalin Group Inc. The Horizon project was put up for sale by its German owners E.ON AG and RWE AG in March, after Germany's decision to pull out of nuclear power blew a hole in the utilities' balance sheets. 

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