UPDATE 1-UK launches sale of uranium enrichment firm Urenco

Written By Unknown on Senin, 22 April 2013 | 18.12

Mon Apr 22, 2013 6:30am EDT

* Urenco sale set in motion

* Process to last months because of non-proliferation concerns

* Westinghouse, Areva, Cameco, Canadian fund cited as buyers

LONDON, April 22 (Reuters) - The British government said on Monday it will proceed with selling some or all of its 33 percent stake in uranium enrichment company Urenco.

Three countries hold equal stakes in the world's second-largest nuclear fuel vendor - the UK, the Netherlands and Germany, whose stake is held by utilities E.ON and RWE.

The company is estimated to be worth around 10 billion euros ($13.08 billion) and several buyers have been reported to be ready to bid for a stake.

These include reactor builder Westinghouse,, French nuclear group Areva, Canadian uranium producer Cameco Corp and the Canada Pension Plan Investment Board (CPPIB).

"The decision to proceed towards a sale comes after the government secured agreement from its Dutch and German partners," Britain's business ministry said in a statement.

The ministry added that the scale and timing of any sale had not yet been determined.

"Any sale will only be concluded if the government is satisfied that the UK's security and non-proliferation interests can be protected and that value for money is achieved for the UK taxpayer," the ministry said.

Any buyers will have to be approved by the three owners, as stipulated by the Almelo treaty that governs Urenco's shareholder structure and is aimed at preventing Urenco's top-secret uranium enrichment centrifuge technology falling in the wrong hands.

Negotiations are expected to last months.

A banker involved in the Urenco talks told Reuters last week he expects the deal to be concluded by year-end.

Morgan Stanley is advising the UK government on the sale.

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