27 Jan (NucNet): Areva has confirmed that Siemens will exercise its option to sell its 34 percent stake in Areva NP.
The Areva group said Siemens was acting in accordance with a shareholders' agreement of January 2001. Under that agreement, Siemens combined its nuclear business activities with those of the French company Framatome and has since held a minority 34 percent share in the joint venture Areva NP (formerly Framatome ANP).
Areva and Siemens will now work on the valuation of shares sold. Areva has up to three years to acquire Siemens’ stake.
“The procedure has no impact on the status of Areva NP employees or on their management, which Areva has provided since 2001,” Areva said today.
Siemens said yesterday: “The role as a minority shareholder considerably limits the entrepreneurial maneuverability of Siemens within the joint venture.”
Peter Loescher, president and chief executive officer of Siemens said: “We want to play an active role in shaping developments – and this also applies to the nuclear energy market. That’s why we’ve taken the initiative. In view of global climate change and the increasing power demand worldwide, for us nuclear energy remains an essential part of a sustainable energy mix.”
>>Related reports in the NucNet database (available to subscribers)
France: 'Official' Start for Framatome ANP (Business News No. 10.2, 5 February 2001)
