GIC and Mitsubishi mull bids for Urenco


nuclear radioactiveSingapore sovereign wealth fund GIC and Japanese trading group Mitsubishi are set to join the bidding war for British uranium enrichment company Urenco.

GIC and Mitsubishi are currently weighing up bids for the company, which could fetch as much as £12bn, said the Sunday Times.

The UK government confirmed plans to sell some or all of its 33 per cent stake in Urenco in April this year after securing an agreement from co-owners of the company.

The Dutch government also holds a third Urenco, while the balance is jointly held by German utility groups RWE and E.on.

Business and Energy Minister Michael Fallon said at that time that no timeframe for the sale had been agreed and a deal “will only be concluded if the government is satisfied that the UK’s security and non-proliferation interests can be protected and that value for money is achieved for the UK taxpayer.”

Urenco has reportedly drawn interest from private equity firms Apax Partners, KKR, Carlyle and CVC. Other potential bidders include Canada Pension Plan Investment Board, Canadian uranium producer Cameco and French industrial group Areva.

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