Mitsubishi Heavy, JNFL Reach Final Agreement to Invest in Areva Spinoff

Tokyo, March 21 (Jiji Press)--Mitsubishi Heavy Industries Ltd. <7011> and Japan Nuclear Fuel Ltd. said Tuesday they have concluded a final agreement to invest in a nuclear fuel spinoff from struggling French nuclear operator Areva Group. The two Japanese companies will each spend 250 million euros to acquire 5 pct each of the new company, tentatively called NewCo. The Japanese investment is part of a plan by NewCo to receive 3 billion euros in capital injection, including 2.5 billion euros from French power firm EDF. Areva has said it will strengthen cooperation with Mitsubishi Heavy and JNFL in the nuclear fuel cycle business. END