11 Apr (NucNet): French energy company Areva has confirmed it has bought German engineering firm Siemens’ share in the nuclear joint venture Areva NP for 1.62 billion euro (EUR) (2.33 billion US dollars), pending a possible re-evaluation of the sale price.
In January 2009 Siemens announced it would exercise an option to sell its 34 percent stake in the Franco-German joint venture Areva NP, which was formed in 2001 when Siemens and Areva decided to combine their activities in civil nuclear technology.
Areva said that the price for the buyout of Siemens’ stake in the joint venture had been set by an independent expert at 1.62 billion euro, although this may yet be altered following arbitration.
Areva has said it believes Siemens’ proposed joint venture with Russian state nuclear corporation Rosatom would constitute an infringement of a non-compete clause signed between the two companies when the joint venture was formed.
Siemens wants the European Commission to quash the clause, which forbids it from competing with Areva for a specified period following the sale of its 34 percent share.
The EC has said it will determine whether the non-compete clauses and other contractual restrictions constitute a violation of the EU competition rules.
A Siemens spokesman said he believed the EC’s findings over the non-compete clause would be finalised in late 2011 although possibly 2012.
>>Related reports in the NucNet database (available to subscribers)
Siemens And Rosatom Announce Plans For Nuclear Joint Venture (News in Brief No. 27, 4 March 2009)
Areva Wins Court Order Over Siemens-Rosatom Agreement (News in Brief No. 161, 10 December 2009)
EC Opens Proceedings On Areva-Siemens Nuclear Partnership (News in Brief No. 98, 2 June 2010)
The NucNet database contains more than 14,000 reports published since 1991. To subscribe or ask for any further information email info@worldnuclear.org
