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Areva says China's CNNC may buy minority stake

[PARIS] Areva said it signed a memorandum of understanding for a possible partnership with China National Nuclear Corporation (CNNC) that could see the Chinese group take a minority stake in the French nuclear company.

The partnership would also cover "uranium mining, front end, recycling, logistics, decommissioning and dismantling", Areva said in a statement on Monday.

The deal excludes the reactor business that French power group EDF is buying from Areva, the company said. "This project offers numerous opportunities for both AREVA and CNNC," Areva Chairman Philippe Varin said in the statement on Monday following a ceremony in Beijing. "Strengthening the cooperation with our Chinese partners is an integral factor for Areva's future success."