Latest news with #nationalization
Reuters
13 hours ago
- Business
- Reuters
Niger to nationalize Somair uranium venture operated by France's Orano
NIAMEY, June 19 (Reuters) - Niger's government on Thursday announced plans to nationalize the Somair uranium joint venture operated by French nuclear fuels company Orano, according to a statement read on national television in the West African nation. The statement cited a series of grievances including the expiration of the latest mining agreement in December 2023. "Faced with this irresponsible, illegal, and unfair behaviour by Orano, a company owned by the French state — a state openly hostile toward Niger since July 26, 2023 ... the government of Niger has decided, in full sovereignty, to nationalize Somair," the statement said. The decision is an escalation of a dispute between the government and the French company, following a deterioration of relations between France and Niger after a military coup in July 2023. Orano holds a 63% stake in Somair, while Niger's state-owned Sopamin owns the remainder, but the French operator has been shut out since the military-led government seized control of the uranium mine. Orano, which has been pursuing arbitration against Niger and has filed lawsuits in the country against the state's actions, has been warning of government interference at Somair, which it said was damaging the mine's financial situation. According to a Financial Times report in May, the company was also exploring the potential sale of its stake in the uranium venture.
Bloomberg
19 hours ago
- Business
- Bloomberg
Germany Holds Early Talks on How to Exit Energy Firm SEFE
Germany's economy ministry is studying options for how to exit nationalized energy company Securing Energy for Europe GmbH, people with knowledge of the matter said. Some officials have been holding early-stage deliberations as they evaluate a range of possible ways to exit SEFE, which could include a sale or breakup of the business, or a potential merger with fellow nationalized energy company Uniper SE, according to the people. The economy ministry department overseeing SEFE is tasked with drawing up a plan by mid-2025.
Bloomberg
a day ago
- Business
- Bloomberg
UK Talks to Administrators as Thames Nationalization Risk Grows
The UK has been talking to administrators about next steps for Thames Water as it intensifies preparations for a possible form of temporary nationalization, according to a person familiar with the government's plans. Environment Minister Steve Reed is rejecting calls from creditors for special treatment on sewage fines, setting the stage for a showdown which could end with plans to rescue the company falling apart.
Reuters
3 days ago
- Business
- Reuters
Ireland sells final AIB shares 15 years after banking crisis
DUBLIN, June 17 (Reuters) - The Irish government said on Tuesday that it had sold its remaining shares in AIB Group (AIBG.I), opens new tab, one of the country's two dominant lenders it effectively nationalised 15 years ago as part of the euro zone's biggest state rescue. The state sold a 2.06% stake in AIB at 6.94 euros per share, which will generate 305 million euros ($352.6 million) upon settlement, the finance ministry said in a statement. That will take to 19.8 billion euros the total amount returned to the state to date from its investment in AIB, it added. ($1 = 0.8650 euros)
Globe and Mail
03-06-2025
- Business
- Globe and Mail
Private equity firm KKR drops out of rescue deal for British utility Thames Water
Thames Water suffered a major setback in its fight to avoid nationalization on Tuesday as it said U.S. private equity firm KKR had pulled out of a multibillion-pound rescue plan. Britain's biggest water supplier has been pushed to the edge by its £18-billion (US$24.35-billion) debt pile, and was banking on KKR investing about £4-billion in new equity to effectively buy the company. The government has said it is on standby in case Thames Water fails to recapitalize and needs to be temporarily nationalized in order to keep services running. 'The government is clearly keeping a very close eye on what's going on,' Environment Minister Steve Reed told LBC Radio on Tuesday, after Thames Water said KKR had pulled out. KKR declined to comment. Britain's Thames Water says fines need to be deferred to help company avoid state rescue Thames Water is at the centre of a public backlash against the privatized water sector which has been blamed for polluting Britain's rivers and seas while hiking bills, and prioritizing dividend payouts over investment in infrastructure. Public outrage over frequent sewage spills has prompted tough action from regulators, but Thames Water bosses have said punitive fines are hindering its efforts at a turnaround. Thames Water CEO Chris Weston warned in mid-May that in order to help the company attract equity and avoid a state rescue, it would need relief from fines estimated to come in at £900-million over the next five years. The government wants to reform the sector and has tasked former Bank of England deputy governor Jon Cunliffe with leading a commission to do so. He said on Tuesday regulation needed to be overhauled. While water companies needed to be held to account, action should be proportional, he said. 'It means being able to help companies and support them when they need to improve so they don't wind up in this spiral going down,' he told Sky News. KKR's withdrawal comes days after Thames was fined £123-million for sewage failures. The announcement sent Thames' bonds to record lows. Its 2040 bond dropped 4 pence in the pound to 69 pence while its euro-denominated April 2027 bond dropped 2 euro cents to just under 68 cents. Chairman Adrian Montague said KKR pulling out after two months of due diligence was 'disappointing.' Without fresh funding, Thames Water could run out of money in the middle of 2026. Montague said the company, which has 16 million customers in southern England, would talk to its senior creditors, who have presented their own plan, likely to involve some equity investment and a debt-for-equity swap. The creditors already effectively own the company after writeoffs by the previous shareholders. A creditor spokesperson declined to provide more details on their plan. While Environment Minister Reed acknowledged the situation was 'difficult,' he said the company was stable, adding that the government was ready to step in. Elected last July, the Labour government had promised to clean up Britain's waterways and get on top of the sewage scandal. But in setting up Cunliffe's water commission, it ruled out renationalization as an option. The interim report said risk in the sector needed to be reduced to attract investors willing to accept lower returns over the longer term.
