Singapore joins Urenco pursuit

Singapore joins Urenco pursuit

Urenco, whose sale could fetch £12bn, is attracting interest from Singapore and Japan

THE Singapore state and a Japanese trading giant have joined a large international cast of bidders circling Urenco, Britain’s government-backed nuclear fuel-maker.

GIC, a sovereign wealth fund backed by the government of Singapore, and Mitsubishi, the Tokyo-based conglomerate, are understood to be the latest foreign investors weighing up bids for Urenco, which enriches uranium for nuclear fuel.

They face a fierce battle for control of the business, which has been put up for sale by its equal shareholders — the governments of Britain and the Netherlands and two German utilities.

Urenco, based in Stoke Poges, Buckinghamshire, is the world leader in uranium enrichment, making fuel for nuclear power stations. It employs 1,400 and has four plants in Europe, including a UK site at Capenhurst, Cheshire, and an enrichment facility in America. Its centrifuge technology can be used to make nuclear weapons.

The company’s dominant position has made it highly sought-after. Privatisation

Singapore joins Urenco pursuit