First Nuclearmontaj. Then FECNE. Now, Vulcan. All of them integrated one by one in a major industrial group: Tender. All of them specialising in providing services or equipment to the Cernavoda Nuclear Power Plant. Which has just received 430 million euros in financing for completing the works on Reactor 2. Who said chess was played only on the chessboard?
The Tender Group is to sign the takeover of Vulcan Bucharest with the Privatisation Agency today. Vulcan has been producing components for the Power Plant in Cernavoda since 1984. Another company in this industry, FECNE - the Nuclear Power Plant Equipment Factory, was taken over by Nuclearmontaj from the Norwegians at Kvaerner (which controls IMGB), early this year.
Nuclearmontaj, which has handled the equipment at Cernavoda ever since the beginning of the works, joined the Tender Group in 2000.
"Of course we did not buy at random. I'm looking for businesses that complement each other. Since we were installing the equipment at Cernavoda, it was only natural to try and manufacture it, too. We know what they need. It is best to have an integrated activity," Ovidiu Tender, founder and owner of the group explains.
Tender SA, which was established in 1991, has either bought from the State or set up one by one several companies dealing in geological exploration, services for oil drilling companies, constructions, agriculture, media and IT. It entered the insurance market this year, as well, following a surprise takeover of 49% in Ardaf. The best known companies in the holding are Nuclearmontaj (which has 14 branches of its own), Prospectiuni SA (geological and geophysical exploration) and Atlas G.I.P.S.A (oil industry).
The construction of Cernavoda's Reactor 2 was set as a priority by the Nastase Cabinet, with works resumed in March 2001 and financing from domestic sources. Yet the major financing is coming now: Nuclearelectrica, Atomic Energy of Canada Ltd. (AECL Canada) and Ansaldo Italy on Tuesday signed the commercial contract for completing works and making Unit 2 operational. The 430 million euros granted for 19 years come from a syndicate comprising SociAétAé GAénAérale (350 million euros), BRD-SocGen and Credit Lyonnais. BRD-SocGen chairman Bogdan Baltazar said he had lobbied heavily for this project.
The total cost of the works is estimated at $689 million, with the bulk of the money to be used for paying the equipment imported from AECL (Canada), General Electric (US), Ansaldo (Italy), Nexans and Alstom (France).
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