France could sell stake in nuclear group Areva

France may sell 15 per cent of the nuclear energy group Areva to investors in Asia, the Middle East and elsewhere, the Financial Times reported today.  The French government is┬ásaid to be┬ápreparing the sale of the nuclear power reactor makerÔÇÖs shares in order to raise Ôé¼2 billion for ongoing development within the group that could cost between Ôé¼8 billion and Ôé¼10 billion. Areva┬áneeds to fund both rising reactor orders and a modernisation of its French facilities. According to unnamed sources, Areva's Japanese partner, Mitsubishi Heavy Industries (MHI), is set to take a stake in the group. MHI has confirmed that it would be prepared to consider an offer if one were made. The French government is also in discussions with sovereign wealth funds, such as Mubadala of Abu Dhabi, the Financial Times said. Areva, which is expected to announce the sale of its transport and distribution subsidiary on Tuesday, is estimated to be worth between Ôé¼3.5 billion and Ôé¼5 billion. The company was acquired in 2004 from turbine maker Alstom for Ôé¼900 million. *┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á *