France's Areva finalizes $11.9 billion sale of two reactors to China

France's Areva said Monday it had clinched an $11.9 billion deal to sell of two third-generation pressurized water reactors to China. The long-expected announcement came at the start of formal talks in Beijing between French President Nicolas Sarkozy and his Chinese counterpart, Hu Jintao. French and other foreign companies have been hotly vying for contracts in China, which plans to build as 32 nuclear plants by 2020 as it tries to meet surging power demands while cutting emissions and reducing reliance on imported oil.