By Mark Kleinman, City Editor
The Canadian uranium processor Cameco Corp has enlisted the help of Goldman Sachs as it prepares a bid for a substantial stake in Urenco, the state-controlled energy group.
I understand that Cameco, one of the world's largest publicly-traded uranium processors, has hired Goldman and another unnamed bank to advise it on its interest in Urenco, which is one-third-owned by the British Government.
Ministers have signalled that they are keen to explore options for the shareholding, which could be worth as much as £2bn, according to some analysts, although industry experts believe they may ultimately decide to retain a stake in the company.
EON and RWE, the two German utilities, are understood to have been canvassing interest in their one-third stake in Urenco in recent weeks. Angela Merkel, the German Chancellor, is understood to be keen for them to sell the shareholding ahead of elections later this year, in line with German government policy to phase out nuclear power.
The Germans are being advised by Bank of America Merrill Lynch, while Morgan Stanley is advising the UK Government. The other shareholder, the Dutch government, has been advised by Credit Suisse, although ABN Amro is now understood to be undertaking that role, inisders said.
A sale of Urenco would potentially represent one of the biggest takeover deals in Europe so far this decade, although security concerns relating to Urenco's technology mean that the field of bidders is likely to be heavily restricted.
Urenco's activities are governed by the Treaties of Almelo, Cardiff and Washington, which were drawn up in an attempt to control the proliferation of nuclear technology and stop enriched uranium from getting into the hands of terrorists
Tepco, the Japanese energy group, was seen as an obvious buyer until the devastating earthquake and tsunami in 2011 triggered a crisis at the Fukushima reactor, the second anniversary of which was today.
Tim Gitzel, Cameco chief executive, was quoted by Reuters last month saying that his company was watching the Urenco process but was not close to deciding whether to bid.
Reports in Canada have suggested that bidding for Urenco would be a sensible strategic move for Cameco because it would make it a more integrated nuclear company by diversifying its business into enrichment.
Listed on the Toronto and New York stock exchanges, Cameco is headquartered in Saskatchewan, a vast province in the country.
Other bidders for Urenco are likely to include Areva, the French nuclear group, and a number of private equity firms such as Apax Partners, Carlyle and KKR.
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