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Canada Pension Plan eyes bid for Urenco

18 Mar 2013

nuclear cooling towers powerPension fund Canada Pension Plan Investment Board (CPPIB) is reportedly circling uranium enrichment firm Urenco, which has also drawn interest from Canadian uranium producer Cameco.

According to the Sunday Times, both CPPIB and Cameco are considering making an offer for Urenco. The newspaper added that the Dutch government, which owns a stake in Urenco, has dropped its opposition to a sale of the business.

The British government and German utilities groups RWE and E.ON also hold stakes in Urenco.

The Sunday Times also said French industrial group Areva is discussing a joint offer for Urenco with buyout majors Apax and CVC. In addition, it reported that Morgan Stanley has been hired to handle the sale and that a float was also considered.

Back in January Reuters reported that Areva and Japanese electronics group Toshiba were mulling making offers for the business.

In October last year the Sunday Times said Apax Partners, KKR, Carlyle and CVC Capital Partners were eyeing stakes in Urenco and that the deal could bring £3bn into the UK’s coffers.

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