May 29, 2017 / 1:56 PM / 2 years ago

EU clears EDF's takeover of Areva's nuclear reactors business

FILE PHOTO: A logo is seen on the Areva Tower (R), the headquarters of the French nuclear reactor maker Areva in Courbevoie, France, March 8, 2016. REUTERS/Christian Hartmann/File Photo

BRUSSELS (Reuters) - EU antitrust regulators approved on Monday French utility EDF’s (EDF.PA) planned takeover of the nuclear reactors business of Areva AREVA.PA, confirming a Reuters report earlier this month.

State-controlled EDF, which is the EU’s largest nuclear plant operator, wants to acquire 51 to 75 percent of Areva NP, which designs, manufactures and services nuclear reactors and is worth about 2.5 billion euros ($2.8 billion).

The deal is important for France, which has Europe’s largest network of nuclear plants, and uses EDF and Areva to spearhead its export efforts against competition from Russia’s Rosatom and Japan’s Hitachi Ltd (6501.T).

The Commission, which oversees competition policy in the 28-nation European Union, said it had concluded that the proposed takeover was unlikely to raise competition concerns.

In January the Commission approved a restructuring plan for Areva including 4.5 billion euros of state aid, saying it would make the company viable without unduly distorting competition.

($1 = 0.8937 euros)

Reporting By Philip Blenkinsop

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