Areva is set to sell its stake in Adwen to Siemens and Gamesa on Wednesday, Le Figaro reported.
The 50% share Areva holds in the offshore wind turbine maker Adwen, a joint venture between Areva and Spain’s Gamesa, will be sold for EUR 60 million, according to the French newspaper.
As part of the merger agreement between Gamesa and Siemens, Gamesa has granted Areva a put option for Areva’s 50 percent stake, a call option for Gamesa’s 50 percent stake in Adwen, as well as an option for Areva to divest 100% of Adwen to a third party via a drag-along right for Gamesa’s stake.
Gamesa has reportedly valued its stake in Adwen at EUR 60.6 million, and the same value is given to Areva’s half.
The options expire on 17 September, three months from the approval of the merger.
At the beginning of this month, it was reported that Areva had turned down a non-binding offer made by General Electric (GE) for Adwen. A few days earlier, Gamesa and Siemens reportedly also rejected GE’s bid to buy Adwen.
Offshore WIND Staff