Government to go ahead with Urenco stake sell-off
The Government today said it would proceed with plans to sell some or all of its one-third shareholding in uranium enrichment company Urenco. The stake is expected to fetch an estimated £3 billion.
The sale of Urenco would represent one of the biggest privatisations in years and could unleash a wave of further such deals as the Government seeks to cut public debt.
“The decision to proceed towards a sale comes after the Government has secured agreement from its Dutch and Germany partners,” said a spokesman for the Department for Business.
Urenco is jointly owned by the British and Dutch governments and German power companies E.ON and RWE. The ministry, which is being advised on the deal by investment bank Morgan Stanley, added that the scale and timing of any sale had not yet been determined, and depended upon further discussions.
Potential buyers include Canadian uranium group Cameco, Canada Pension Plan Investment Board, Toshiba and French nuclear company Areva.
The Government’s decision to press ahead with the stake sale is part of a wider drive to cut debts that could result in the sale of as many as half of the 21 companies in which the government has a shareholding over the next eight years.
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