Velan SAS, a French subsidiary of Velan, Inc., is being targeted by Flowserve Corp, a Texas multinational specializing in oil, gas, and chemical industry products and services. Flowserve aims to buy Velan SAS for $247 million.
The deal was expected to close by the end of the second quarter but has been delayed.
French nuclear-submarine parts supplier Segault SAS has already been carved out of that deal earlier. All this is a part of government efforts to bring a key technologies into domestic ownership.
France is one of the few countries in Europe that has not fallen into an energy crisis amid Western sanctions against Russia thanks to its nuclear power plants, which provide it with up to 70% of its electricity. And they’re making a desperate effort to keep it that way.