France To Buy Areva's STMicro Stake For €695M

Law360, New York (December 16, 2010, 1:48 PM EST) -- French nuclear power company Areva SA said Thursday that it would accept a €695 million ($918 million) offer from France's state-backed investment fund for its stake in semiconductor giant STMicroelectronics Inc.

In announcing the deal, Areva said its supervisory board had met on Wednesday, examined the binding offer, and authorized exclusivity for the French Strategic Investment Fund to acquire its 10.9 percent stake in Swiss-based STMicro. The €695 million ($918 million) bid amounts to €7 ($9.25) per share.

The deal boosts the nuclear group's efforts to...
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