Nexans: share recovers, with rumours denied

(CercleFinance.com) - On Thursday evening, Nexans denied rumours surrounding the progress of the 'Great Sea Interconnector' project in the Mediterranean Sea, which had previously caused its share price to plummet.


In reaction to recent articles on the progress of the contract, the group states that these assertions do not reflect the actual status of the project or the ongoing relationship with the customer.

According to the Cyprus Mail, the Greek electricity grid operator ADMIE, which is behind the project, has suspended payments to Nexans, which is responsible for the manufacture and installation of the submarine cable linking Greece and Cyprus.

According to the daily, this decision is linked to the uncertainty surrounding the project, mainly due to geopolitical factors, namely the presence of Turkish vessels in the area.

Since the start of the Great Sea Interconnector project, Nexans has received substantial payments which have enabled the cable to continue to be manufactured, the company states.

It adds that it intends to continue to perform the contractual obligations of the project and to receive the corresponding payments in accordance with the contract and the most recent discussions with the customer.

We confirm our commitment to the success of this strategic infrastructure project, which is essential for regional energy security and the integration of sustainable energy sources, it concludes.

Following this denial, the share - which had fallen by more than 6% yesterday - recovered 0.7% on Friday morning on the Paris Bourse, while the European industrial stock index gained 1.2%.


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