Alstom and Schneider it is true set the price to win

A year ago, Nicolas Sarkozy responsible member for Haute-Corse Paul Giacobbi to give its opinion on "the determinants of foreign investment in France ..., an issue crucial to ensure a sustainable economic recovery in our country." Last summer, the radical left elected rendered its verdict: the image of the France to the international donors is "caricature". A way, the endless soap opera of the capital increase of Areva shows how the State itself can contribute to this image of a country folded on itself and dealing with foreign investors with abandon.

Since the first projects of capitalization of the nuclear group, the State shareholder found trapped in its own contradictions. Unable to assume an industrial policy worthy of the name, in one of the few areas where the France can claim a real advance. In November 2004, the economy Minister, Nicolas Sarkozy, announced that "the decision was made to open the capital of Areva. Barely a year later, the Prime Minister, Dominique de Villepin, cancels this decision, believing "the nuclear fuel chain" "strategic" to the France.

This shift opens the way to was strife between Alstom, chaired by a with Patrick Kron of the rescue of the Group of railroad equipment and energy and Areva, led by an Anne Lauvergeon jalouse its independence. Two patterns are engaged a war without mercy, which will be a collateral victim. Tired of being relegated to the second rank and fearing to be excluded from one day to the next day, the German partner of Areva, Siemens, announced in January 2009 its release of their joint subsidiary, Areva NP.

Too busy to handle their squabbles of ego, the French nuclear group nor the State shareholder will have failed detect the impatience of the German industrialist. In this case, the France lost a partner in a sector industrial key. Russian Rosatom, The mixture of Russian technology, renowned for its robust despite the image of Chernobyl, and the German project management represents a real threat to Areva. The immediate practical consequence of this divorce is financial. As the redemption of the shares dropped by Siemens will cost dear to the French camp. Instead of receiving funds that his former partner was ready to invest in Areva, HABs group will instead have to pay compensation estimated around EUR 2 billion. This is where that begins the third act of this tragicomedy in French. To fund this debt and investment of the public group, the State takes two decisions on 30 June 2009: the transfer of the subsidiary of transmission and distribution of Areva and the opening of its capital. Two operations which, also, they leave a bitter taste to investors étrangers

The duo made up of Alstom and Schneider, American General Electric and Toshiba Japanese want to believe in their chances to acquire Areva T & D. But in the last straight line, in November 2009, the le processus process turns in favour of the Habs tandem, in a context of opacity which contrasts with the promises of transparency of the Government. Alstom and Schneider, it is true, set the price to win. But, seen from abroad, the dice were loaded in advance. The Japan, the bitterness is real. In France, it boasts of an operation to enhance two of our champions PROVISIO It was then that engages the opening of the capital of Areva. From the outset, the State has three potential candidates: sovereign wealth funds of the Qatar and the Kuwait, and the Japanese Mitsubishi Heavy Industries (MHI), industrial partner for a long time, with which Areva develops the Atmea reactor. In such circumstances, a rational actor seeks to reassure its interlocutors on their potential investment. A long period of uncertainty will yet open, the Elysee Palace just choosing this time to assign to François Roussely mission of reflection on the French nuclear industry.

The capital is frozen, the time that the former boss of EDF prepares its report. Will it be in cause perimeter of Areva, suggesting the opening of the capital of its mining division. The State will benefit from its partial publication to consider making EDF interest in Areva. To add to the confusion, a fierce struggle is committed between Anne Lauvergeon and the new President of EDF, Henri Proglio. The rumor of an eviction of the patron saint of Areva re-emerges as a sea serpent, and it is in this peaceful context that an audit is ordered to René Ricol. His informal roadmap Shed any light on the accounts of Areva. It has been more reassuring method to attract the investors Which are persistent! As he did know a year, the Qatar wants formal insurance to invest in a second time, in the mines of Areva. At the last moment, the State is declining this request. In the aftermath, he also rejected the proposal of the MHI Japanese, on the grounds that his presence in the capital of Areva would be detrimental to its competitor Alstom and EDF client. In Tokyo, this volte-face is experienced as a new humiliation. The authorities have little time to move. Their main objective now seems to hold the promise of the head of State, through cost that the capital increase before the end of the year. The Kuwait still seems ready to invest, but not to any conditions. Without acceptance of the Qatar and MHI funds, the State will have to resolve to put himself the hand in the Pocket. In the end, if it succeeds, the operation will no doubt less than a billion euros to Areva, which hoped the triple. But, for the France, its cost in terms of image will be, it is of course much higher to foreign investors.