Ottawa to sell AECL to SNC-Lavalin
June 28, 2011 - 9:21pm
The Harper government is set to announce the sale of Atomic Energy of Canada Ltd. to Montreal-based engineering firm SNC-Lavalin Group, a major gamble that Canada’s nuclear program can stand on its own amid growing global resistance to nuclear energy.
The sale of AECL’s commercial division could come as early as this week, although negotiators are still working out the final details of the deal, sources close to the talks said Monday.
Read it here.
they're private buyers, the issue is now off the federal budget, let SNC and its shareholders struggle in a down int'l market...
what's not to like?
According to Greg Weston at the CBC Ottawa is paying SNC $60 million to take the CANDU division off their hands (SNC is paying $15 million for CANDU, but the govt. is giving SNC $75 million towards developing next generation reactors).
Not to mention that the New Brunswick govt. is seeking $2 billion in compensation from the federal govt. because the refurbishment at Point Lepreau has gone over-budget, and MDS-Nordion is suing AECL for $1.6 billion (which the taxpayers will be responsible for if AECL loses that suit). And the federal govt. still maintains control over Chalk River and NRU and the expenses that come with that.
If/when SNC sells another CANDU either here or overseas you can be certain that the federal govt. will put up money for that as well.
Sell isn't quite the right word. Give would be closer to the truth.
Sell isn't quite the right word. Give would be closer to the truth.
Depends if you think it's worth anything at all.
And it also depends on whether or not you think this is something the government should be involved in - if not, the question is whether or not you can find a buyer at any price.