Cas M.7764 - EDF / AREVA REACTOR BUSINESS

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Cas M.7764 - EDF / AREVA REACTOR BUSINESS COMMISSION EUROPÉENNE DG Concurrence Cas M.7764 - EDF / AREVA REACTOR BUSINESS Le texte en langue française est le seul disponible et faisant foi. REGLEMENT (EC) n° 139/2004 SUR LES CONCENTRATIONS Article 6, paragraphe 1, point b) NON-OPPOSITION date: 29/05/2017 En support électronique sur le site Internet EUR-Lex sous le numéro de document 32017M7764 COMMISSION EUROPÉENNE Bruxelles, le 29.5.2017 Dans la version publique de cette décision, des informations ont été supprimées conformément à C(2017) 3777 final l'article 17 (2) du règlement du Conseil (CE) n° 139/2004 concernant la non-divulgation des secrets d'affaires et autres informations VERSION PUBLIQUE confidentielles. Les omissions sont donc indiquées par [...]. Quand cela était possible, les informations omises ont été remplacées par des fourchettes de chiffres ou une description générale. A la partie notifiante Objet: Affaire M.7764 - EDF / AREVA REACTOR BUSINESS Décision de la Commission en application de l’article 6(1)(b) du règlement (CE) n°139/2004 du Conseil1 et de l'article 57 de l'accord sur l'Espace économique européen2 Madame, Monsieur, (1) Le 18.04.2017, la Commission européenne a reçu notification, conformément à l’article 4 du règlement sur les concentrations, d’un projet de concentration par lequel l'entreprise Electricité de France ("EDF" ou la "Partie Notifiante") acquiert, au sens de l'article 3, paragraphe 1, point b), du règlement sur les concentrations, le contrôle exclusif de New NP ("New NP") ("l’Opération") (EDF et New NP, ensemble, les "Parties")3. 1. LES PARTIES (2) EDF est active sur les marchés de l’électricité, incluant la production et la distribution en gros d’électricité, le transport, la distribution et la fourniture d’électricité, en France et à l’étranger. EDF est également active sur les marchés du gaz et de la fourniture de services énergétiques, en France et à l’étranger. En particulier, EDF exploite l'intégralité du parc nucléaire français constitué de 58 1 JO L 24 du 29.1.2004, p. 1 (le "règlement sur les concentrations"). Applicable à compter du 1er décembre 2009, le traité sur le fonctionnement de l’Union européenne ("TFUE") a introduit divers changements, parmi lesquels le remplacement des termes "Communauté" par "Union" et "marché commun" par "marché intérieur". Les termes du TFUE seront utilisés dans cette décision. 2 JO L 1 du 3.1.1994, p. 3 (l'"accord EEE"). 3 Publication au Journal officiel de l’Union européenne n°C 130 du 25.04.2017, p. 2. Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË Tel: +32 229-91111. Fax: +32 229-64301. E-mail: [email protected]. réacteurs répartis sur 19 centrales nucléaires, et du parc nucléaire au Royaume- Uni avec 15 réacteurs répartis sur 7 centrales. (3) L’Etat français détient 85,62% du capital et 85,73% des droits de vote d’EDF. A la connaissance d’EDF, aucun autre actionnaire ne détient directement ou indirectement plus de 5% de son capital et de ses droits de vote. EDF est ainsi contrôlée exclusivement par l’Etat français. (4) New NP est une filiale à 100% d’Areva NP ("ANP"), elle-même filiale à 100% d’Areva SA ("Areva", société tête du Groupe Areva), ayant pour principales activités la conception et la construction de réacteurs nucléaires, la conception et la fourniture de systèmes d’instrumentation et de contrôle, la fourniture de services aux centrales nucléaires existantes et la conception et la fabrication du combustible nucléaire. (5) Le premier actionnaire d’Areva est le Commissariat à l’Energie Atomique et aux énergies alternatives ("CEA") (54,37%), établissement public contrôlé par l’Etat français. Ce dernier détient 28,83% des parts d'Areva. La Banque Publique d’Investissement (BPI-Groupe) constitue également un actionnaire public de la société (3,32%). Au total, l’Etat français contrôle directement ou indirectement (via le CEA et BPI) 86,52% du capital d’Areva. 2. LA CONCENTRATION 2.1. Situation avant l'Opération (6) Areva fait actuellement l’objet d’une restructuration de grande ampleur qui s'inscrit dans le cadre de la restructuration de l'industrie nucléaire française. Dans le cadre de sa restructuration, Areva (i) a apporté à une nouvelle filiale, dénommée Nouvelle Areva, ses activités liées au cycle des matières nucléaires4 ainsi que certains passifs financiers; (ii) a procédé à un certain nombre de cessions (en particulier Areva TA, sa participation dans l’entreprise commune Adwen, sa filiale Canberra, etc.) et procède actuellement à la cession de New NP dans le cadre de la présente Opération; (iii) conserve en son sein certaines activités résiduelles en principe destinées à être cédées ou fermées ainsi que le restant de ses passifs financiers5. Nouvelle Areva et Areva font l’objet d’opérations de recapitalisations, dans les conditions prévues par la décision de la Commission Aff. COMP/SA.44727 - Aide à la restructuration pour Areva du 10 janvier 2017. (7) Au sein du Groupe Areva, Areva NP est une filiale à 100% d’Areva, qui a pour principales activités la conception et la réalisation de réacteurs nucléaires ("îlots nucléaires"), la conception et la fabrication de systèmes d’instrumentation et de contrôle ("I&C") de sécurité, la fourniture de services et produits pour la maintenance, la modernisation et l’amélioration des centrales nucléaires 4 A ce titre, ont en particulier été apportés à la Nouvelle Areva les titres du capital d’Areva Mines et d’Areva NC, anciennes filiales d’Areva SA. 5 Au titre de la décision de la Commission du 10 janvier 2017, les autorités françaises se sont engagées à ce que qu’Areva SA n’exerce d’autre activité que celles spécifiquement prévues dans le plan de restructuration notifié à la Commission. 2 existantes ("services à la base installée"), et la conception et la fabrication du combustible nucléaire ("assemblages de combustible"). (8) New NP est une filiale à 100% d’Areva NP nouvellement créée qui rassemblera plusieurs activités d'Areva NP, et faisant l'objet de la présente Opération. (9) EDF, Areva SA et Areva NP (elle-même filiale à 100% d’Areva SA) ont ainsi conclu le 15 novembre 2016 un contrat de cession d’actions (le "Contrat de cession") qui formalise leur accord sur l’acquisition par EDF du contrôle exclusif de New NP, société à laquelle seront apportées plusieurs activités d’Areva NP6. (10) En l'espèce, aux termes du Contrat de cession, le "périmètre cible" de New NP rassemblera les activités de conception et de construction de réacteurs, de systèmes d’instrumentation et de contrôle de sécurité, de services à la base installée et d’assemblages de combustible d'Areva NP, à l’exclusion notamment: (a) des [Accord confidentiel] liés à l’achèvement du projet de construction actuellement en cours par Areva NP d'une centrale nucléaire basée sur la technologie de type réacteur pressurisé européen (ci-après, "EPR") sur le site d’Olkiluoto 3 (ci-après, "projet OL3") en Finlande (i.e. l’immunisation totale d’EDF contre le risque relatif à ce projet). (b) [Accord confidentiel]7 2.2. Situation après l'Opération (11) Aux termes du Contrat de cession, l'Opération consiste en l’acquisition par EDF auprès d’Areva NP, d’une participation majoritaire d’au moins 51% et d’au plus 75% du capital et des droits de vote de New NP (correspondant au périmètre cible tel que défini ci-dessus), lui en conférant le contrôle exclusif. (12) La participation exacte d’EDF dans le capital de New NP dépendra, au sein de cette fourchette, d’éventuelles prises de participation par des investisseurs tiers, pouvant aller d'un total de [Confidentiel] du capital de New NP8. (13) Selon les termes du Pacte New NP, EDF détiendra dans tous les cas la majorité absolue des sièges au conseil de surveillance de New NP, et en détiendra également la Présidence. (14) Ce conseil de surveillance est responsable de la supervision générale de la gestion et de l’activité de New NP et en particulier prend à la majorité simple toutes les décisions relatives à [Confidentiel (description de la gouvernance de New NP)] 9). (15) Au regard de ces règles de gouvernance de New NP, EDF sera en mesure de décider seule des questions relatives à (i) à la nomination du personnel d’encadrement supérieur de New NP, (ii) à l’adoption et la modification du plan 6 Le Contrat de cession fait à la suite des protocoles d’accord signés entre EDF et Areva le 28 juillet et le 30 juillet 2015. 7 [Accord confidentiel]. 8 [Accord confidentiel]. 9 [Confidentiel (description de la gouvernance de New NP)]. 3 d'entreprise (business plan) de New NP, (iii) à l’adoption et la modification du budget annuel de New NP et iv) aux investissements majeurs de New NP. (16) Indifféremment du niveau de participation final d'EDF (entre 51% et 75% du capital de New NP), aucun actionnaire minoritaire ne détiendra de droit de veto sur ces décisions, si bien que ces derniers ne seront pas en mesure d’exercer un contrôle (conjoint) sur la stratégie commerciale de New NP. (17) En conséquence, le résultat de l’Opération consiste donc en l’acquisition par EDF du contrôle exclusif de New NP. 2.3. Ensembles économiques autonomes (18) Dans le cadre du contrôle des concentrations, certaines dispositions particulières s'appliquent aux entreprises publiques: "il faut tenir compte des entreprises qui constituent un ensemble économique doté d'un pouvoir de décision autonome, indépendamment du mode de détention de leur capital ou des règles de tutelle administrative qui leur sont applicables"10.
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