French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Le Monde reported that France's new Premier Michel Barnier was considering a temporary rise in corporate tax for the biggest companies of France, as well as taxation on share buybacks. Bloomberg News, citing sources familiar with the issue, reported that on Sunday, October 4, the European Union plans to vote whether or not to impose tariffs on imported Chinese electric vehicles. The…
France Approves of Siemens/Alstom Tie-up if Jobs Spared
France has nothing against a potential tie-up between German engineering group Siemens and Alstom if the deal does not bring job cuts, the French government's spokesman said on Friday. Earlier on Friday, Le Monde newspaper reported Siemens was in advanced talks to combine its rail activities with Alstom in a deal that could be announced on Sept. 26. "It is important that we can strengthen our industrial sectors ... in partnership with Germany," government spokesman Christophe Castaner told journalists in response to a question about the tie-up.
Algeria's Sonatrach says to Counter Total Arbitration claim
Algeria is preparing to counter a decision by French oil major Total to seek arbitration against its oil and gas firm Sonatrach, anticipating the legal action will have little impact, according to a Sonatrach statement. Total said last week it had filed a request for arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s, and that attempts to reach a mutual agreement had failed. Algeria, hard hit by the crash in oil prices, is seeking new investment to help it build up production from mature fields and explore new areas.
Total Files Arbitration Against Contract Terms in Algeria
French oil major Total has filed a request for arbitration against its contract terms in Algeria, CEO Patrick Pouyanne said on Saturday. "We tried as always to find a mutual agreement first, it failed, so we decided that we would seek arbitration," Pouyanne told Reuters on the sidelines of a business conference in Aix-en-Provence. Total and its Spanish partner Repsol have initiated litigation against Algeria and its state oil company, Sonatrach, challenging the way Algiers retroactively changed a profit-sharing terms on oil and gas contracts, daily Le Monde said earlier on Saturday.
Areva Says Talks Difficult with Finland's TVO
French state-controlled nuclear group Areva said on Tuesday that talks with its Finnish customer TVO about the long-delayed Olkiluoto 3 reactor were "difficult". Areva and Teollisuuden Voima Oyj (TVO) are claiming billions of euros from one another because of delays and cost overruns on the EPR reactor that Areva is building in Olkiluoto, Finland. "The discussions with TVO are difficult, but the door remains open. Our priority remains the successful completion of OL3," an Areva spokeswoman said. French daily Le Monde reported that the Areva-TVO talks had broken down in recent weeks.
Oil Major Total to Step up Solar Power Play
Solar energy could account for up to 15 percent of French oil major Total's assets by 2030, Chief Executive Patrick Pouyanne told French daily Le Monde on Friday. Pouyanne, who was appointed CEO a little more than a year ago, said that Total had invested $3 billion in solar, which now accounts for 3 percent of the group's assets. "We believe this is a growing market and that, in about 15 years, it will no longer 3 percent of our portfolio, but about 10 to 15 percent," he was quoted as saying. Total…
Areva, EDF to Keep 66 pct of Nuclear Reactor Firm
The French government wants utility EDF and nuclear group Areva, both state-owned, to keep a combined 66 percent stake in Areva's former reactor building arm Areva NP, a government source told Reuters on Tuesday. With respective stakes of 51 percent for EDF and 15 percent for Areva, this would open the door for outside investors to buy into Areva NP and limit the amount of funds the French state will have to spend on saving the nuclear firm. The source also said EDF and Areva will look for one or…
Slimmed-Down Areva Will Need Large Capital Increase
France's Areva will need a multi-billion euro capital increase following four years of losses and the sale of a big stake in its nuclear reactor division to utility EDF, most of which will have to come from the state. CEO Philippe Knoche said the capital increase might have to be more than the 3.4 billion euro ($3.7 billion) financing gap Areva flagged in its 2015-17 finance plan on Thursday. "The capital increase will also need to contribute to giving the company the financial profile that allows it to finance itself in the medium term," he told reporters at the presentation of Areva's first-half earnings.
France: UN Climate Efforts Fall Short
Efforts spearheaded by the United Nations to reach a global deal to fight climate change are "inadequate", a French minister said on Monday in a sign of growing frustration before Paris hosts a major meeting later this year. Governments will try on Monday to streamline an 89-page draft text of a U.N. deal to fight climate change due to be agreed in the French capital in December, hoping to avoid the acrimony of the last failed attempt. "The U.N. negotiations are totally inadequate for the climate emergency we are facing," Environment Minister Segolene Segolene Royal said in an interview published in Le Monde.
Total Slashes 2015 Exploration CapEx by 30 pct
Total's new chief said in a newspaper interview that the French oil company aimed to cut exploration spending by 30 percent in 2015 to cope with falling oil prices. "Over the last two years we spent $2.8 billion on exploration, we will reduce that by 30 percent in 2015," Patrick Pouyanne said in an interview due to be published in French afternoon daily Le Monde. Shares in Total climbed 1.8 percent in early trade. (Reporting by Dominique Vidalon
Areva Headquarters Searched in UraMin Probe
State-controlled nuclear group Areva's headquarters in Paris' La Defense district were searched on Tuesday by France's financial prosecutor as part of an investigation into Areva's $2.5 billion acquisition of Canadian uranium mining company UraMin in 2007, an Areva spokesman said. "We have been the object of a search by the financial prosecutor following the referral by the state auditor. The company is cooperating," he said. French daily Le Monde said that the home of former Areva CEO Anne Lauvergeon had also been searched. The prosecutor and Lauvergeon were not immediately available for comment.
