Kuwait Investment Authority (KIA) will sell its nearly five percent stake in Areva to the French state as the nuclear group is delisted and will stay away from nuclear investments for now, sources familiar with the situation told Reuters. Kuwait’s sovereign wealth fund, one of the world’s biggest, paid 600 million euros ($712 million) for its 4.82 percent stake stake in 2010, but since then Areva’s stock has plunged as its equity has been wiped out by years of losses. Following a state-funded 4.5 billion euro rescue and restructuring of Areva, the French state will pay 4.5 euros per share for KIA’s 18.46 million shares, or about 83 million euros, representing an 86 percent loss for the fund.
Reuters 4th Aug 2017 read more »
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