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(last updated 20 Jan 2018)
UK Government Dutch Government Shell, DSM RWE AG E.ON AG | | Philips, | 100% | | 100% | 98.9% VMF-STORK | | | | | 1.1% NUKEM | | | | GmbH | | | | | 50% | 50% BNFL ------------------ ------------- | 100% | | | | | INFL Ultracentrifuge Nederland BV Uranit GmbH | | 33% | | 33% | | 33% ----------------------- | ------------------------ | | | URENCO LTD
Japan interested in acquisition of Urenco?:
The Japanese government has entered into negotiations to acquire U.K.-based Urenco, a major European producer of enriched uranium, in a deal that is expected to be worth several billions of dollars.
The state-owned Japan Bank for International Cooperation is expected to make an offer together with U.S. nuclear energy company Centrus Energy .
(Nikkei Asian Review Jan. 19, 2018)
Urenco is not in discussions with the Japanese government in relation to a sale of its business. (Urenco Jan. 19, 2018)
Urenco reports EUR 456.3 million loss for 2016: On Mar. 9, 2017, Urenco reported a EUR 456.3 million loss for 2016, after an income of EUR 452.1 million in 2015. The loss is mainly attributed to an EUR 760 million impairment of the USA operations. "The impairment of the USA operations reflects further downward pressures on long-term price forecasts for uncontracted SWU volumes. These pressures are due to the current surplus of global inventories (across the supply chain), oversupply of enriched uranium and continued nuclear market uncertainty."
Privatization of Urenco failed for the time being:
The privatization of Urenco failed. Dutch Finance Minister Dijsselbloem says that a sale is not now on the agenda. "Only when the public interest is properly safeguarded, consideration may be given to whether or not to proceed with the sale of the Dutch interest. That, however, requires a separate assessment that currently is not on the agenda."
(Laka Jan. 22, 2016)
> Download Bijlage Antwoorden Kamervragen Jaarverslag Beheer Staatsdeelnemingen 2014 , Jan. 21, 2016 [in Dutch] - see p.12
Germany to impose conditions on sale of uranium enricher Urenco: According to press reports, the German government plans to impose conditions on a sale of uranium enricher Urenco. The government not only intends to pose strategic and financial demands, but also plans to reserve the right to intervene in company decisions and to dismiss company directors, in case the government fears infringements of the nonproliferation policy, among others. (Frankfurter Allgemeine Zeitung Feb. 12, 2015)
Uranium enricher Urenco to be sold to almost anybody?:
According to the answer of the German Federal Government to a parliamentary question, there are no plans to restrict the sale to certain buyers: neither investment fonds, nor bidders from non-NATO states are to be excluded. There are only "considerations" being made to exclude bidders who are found on embargo lists of the EU or the UN.
(Süddeutsche Zeitung Dec. 20, 2014)
> Download: Antwort der Bundesregierung auf die Kleine Anfrage der Abgeordneten Hubertus Zdebel, Eva Bulling-Schröter, Caren Lay, weiterer Abgeordneter und der Fraktion DIE LINKE. - Drucksache 18/3249 - , Deutscher Bundestag, Drucksache 18/3649, 22.12.2014 (166k PDF - in German)
Urenco owners favour stock market listing in push to sell uranium enrichment firm - sources:
A stock market listing is the preferred option for Urenco, the uranium enrichment company that co-owners Britain, the Netherlands and Germany are trying to sell, according to three sources familiar with the matter.
The owners are also still pursuing an auction for the asset, the sources told Reuters, but added the focus had shifted to an initial public offering (IPO), even though such a step may only materialise after a general election in Britain in May next year. (Reuters Dec. 4, 2014)
The Federal Association of Environmental Action Groups (Bundesverband Bürgerinitiativen Umweltschutz - BBU) in Germany strongly opposes a possible stock market listing of Urenco and demands the immediate shut-down of all Urenco facilities. (Westfälische Nachrichten Dec. 8, 2014)
Increasing worries in Germany about proposed sale of Urenco:
In view of the possible sale of Urenco shares, Germany's government has called in the Federal Intelligence Service (Bundesnachrichtendienst) and the federal agency for internal security (Bundesamt für Verfassungsschutz) to assess any findings on potential purchasers. According to financial circles, prospective buyers include uranium miners and nuclear companies Cameco, Toshiba-Westinghouse , and Areva, hedge and investment fonds such as KKR, Blackstone, or APAX. Also, entities from Hongkong, India, and the Middle East are reported to have shown their interest; there are rumours about potentially dubious billionaires and states.
And, the chairman of the Nuclear Waste management Commission (Entsorgungskommission - ESK) - an advisory body to the Federal Environmental Ministry - warned that "the easiest way to get at a nuclear bomb is for sale". (Süddeutsche Zeitung Oct. 31, 2014)
Urenco's owners set year-end deadline for indicative bids - sources:
Britain, Germany and the Netherlands have asked prospective buyers for their jointly-owned nuclear fuel enrichment firm Urenco to submit indicative bids by year-end, sources familiar with the process said.
The governments, which each own a third of Urenco, have agreed to test the market's appetite for the world's second-largest nuclear fuel vendor before deciding whether to kick-start a privatisation process that could fetch up to 10 billion euros ($13 billion), said the sources.
France's Areva, Japan's Toshiba, a consortium led by former boss Patrick Upson and a number of private equity firms are expected to submit expressions of interests in December, said the sources, who declined to be named because the process is private. (Reuters Oct 9, 2014)
Groups demand public hearing on proposed sale of Urenco also in Germany: Environmental groups demand a public hearing in federal parliament on the proposed sale of Urenco also in Germany - similar to the one held in the Netherlands earlier. The sale of such highly sensitive technology should not be decided in private. (Westfälische Nachrichten Dec. 12, 2013)
Experts in Dutch Parliament hearing sceptical about proposed sale of Urenco: Experts voiced their scepticism about the planned sale of Urenco in a parliamentary hearing held in the Netherlands, citing the proliferation issue and economics. (Westfälische Nachrichten Dec. 6, 2013)
German Government to agree to sale of Urenco only if non-proliferation and security of enrichment technology assured:
In the answer to a parliamentary question, the German Federal Government stated that it will agree to a change in the shareholders in Urenco only if a legal framework is established first to assure nuclear non-proliferation, security of the technology, and economic soundness of Urenco.
> Download: Antwort der Bundesregierung auf die Kleine Anfrage der Abgeordneten Dorothee Menzner, Kathrin Vogler, Eva Bulling-Schröter, weiterer Abgeordneter und der Fraktion DIE LINKE. Drucksache 17/14517 Möglicher Börsengang der Urananreicherungsfirma URENCO, Deutscher Bundestag Drucksache 17/14668, 02.09.2013 (115 PDF - in German)
UK ready to sell its share of uranium enrichment firm Urenco:
The British government said on Monday (Apr. 22) it would sell some or all of its 33 percent stake in Urenco, the world's second-largest vendor of nuclear fuel.
Three countries hold equal stakes in the security-sensitive uranium enrichment concern - Britain, the Netherlands and Germany, whose share is held by utilities E.ON and RWE.
Urenco is estimated to be worth up to 10 billion euros ($13 billion) and several buyers have been reported to be ready to bid for a stake.
These include French nuclear group Areva, Canadian uranium miner Cameco Corp, reactor builder Westinghouse's Japanese parent Toshiba, and the Canada Pension Plan Investment Board.
"The decision to proceed towards a sale comes after the government secured agreement from its Dutch and German partners," Britain's business ministry said in a statement.
(Reuters Apr. 22, 2013)
However, on Apr. 24, 2013, Dutch Minister of Economics H.G.J. Kamp declared that the Dutch government hasn't given its consent yet.
> Download: Kamerbrief mogelijke verkoop van de URENCO aandelen, Apr. 24, 2013 (in Dutch)
Toshiba reportedly plotting bid for Urenco: One of Japan's biggest industrial companies is weighing a bid for Urenco, the nuclear fuel producer backed by the British government. Toshiba, which owns the nuclear reactor builder Westinghouse Electric, hopes to head off a pack of bidders for the business, which enriches uranium for nuclear fuel. (The Sunday Times Jan. 20, 2013)
Dutch government, too, considers sale of its stake in Urenco now:
The Dutch government has appointed Credit Suisse to advise on a potential sale of its stake in UK-based uranium-enrichment company Urenco, the Financial Times reported on Thursday (Jan. 5).
(Reuters Jan. 6, 2012)
The new Dutch government picked ABN Amro to advise on the future of its 33 percent stake in UK-based uranium enrichment company Urenco, three people familiar with the situation told Reuters on Friday (Dec. 7). The previous government had hired Credit Suisse to examine its strategy regarding Urenco's ownership, but this mandate was not renewed. (Reuters Dec. 7, 2012)
Areva eyes stake in uranium enricher Urenco - paper:
French nuclear group Areva is eyeing a stake in UK-based uranium enrichment company Urenco, a Dutch paper reported on Thursday (Jan. 5), citing people familiar with the matter.
Areva has asked bank Nomura to look into acquiring a stake, while German utilities RWE and E.ON, which together own 33 percent of Urenco, have asked Merrill Lynch to seek a buyer of their stake, daily Het Financieele Dagblad said.
Britain and the Netherlands also hold a third each of Urenco, and the British government has been looking into a sale of its stake since 2009.
(Reuters Jan. 5, 2012)
French nuclear group Areva on Wednesday (Jan. 11) denied having any plans to buy a stake in Urenco for the time being, reacting to media reports flagging its interest in the UK-based uranium enrichment company. (Reuters Jan. 11, 2012)
But, on Oct. 14, 2012, the rumours of an imminent French offer for Urenco surfaced again in the Sunday Times.
E.ON, too, planning to sell stake in Urenco - Report: German utility company E.ON AG is planning to sell its stake in uranium enrichment company Urenco, which it owns jointly with competitor RWE AG, German daily Handelsblatt reports Wednesday (Sep. 7), citing unnamed sources. The U.K. government and the Dutch government each own one-third of Urenco, with RWE and E.ON splitting the remainder. (Dow Jones Sep. 7, 2011)
RWE considers sale of its stake in uranium enricher Urenco: German energy giant RWE has appointed advisers for a strategic review of Urenco. Any disposal needs the consent of the other shareholders and the tripartite committee. In the UK, this means satisfying national security concerns over nuclear enrichment. (Sunday Telegraph Sep. 3, 2011)
Netherlands wants the UK to retain its stake in Urenco: The Netherlands, one of Urenco Ltd.'s shareholders, wants the U.K. to retain its stake in the uranium enrichment company, Het Financieele Dagblad said today, citing an unidentified person at the Dutch Finance Ministry. (Bloomberg July 20, 2011)
UK government plans to privatise Urenco:
The UK Government has named Urenco as one of the companies earmarked for sale along with the Government's stake in British Energy.
Urenco is jointly owned by the British, Dutch and German governments [should read: British and Dutch governments and German utilities]. The British government has been negotiating with its Dutch counterpart and is understood to have won its support for a flotation.
With two thirds of the company's shareholders in favour of a float, the Government is believed to be confident it can also win German backing.
Privatising Urenco could be politically sensitive for all the governments involved because of concerns about nuclear technology passing to private ownership.
The Government has already received an approach by an unnamed north American company for its stake in Urenco barely 24 hours after Gordon Brown announced the planned divestment in the Budget. (Daily Telegraph March 24, 2006)
The UK government's plan to privatise Urenco via a 1.7 bln stg flotation is being blocked by the Dutch and German governments, the two other shareholders in the company, the Sunday Telegraph newspaper reported on June 26, 2005. (AFX June 6, 2005)
> Download Annual Report 2005 (3.8MB PDF)
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