FRANKFURT — France's Areva has bought Siemens' stake in nuclear power joint venture Areva NP, paving the way for a tie-up between Siemens and Russia's Rosatom, a German newspaper reported.
Areva has paid Siemens 1.62 billion euros ($2.3 billion) for Siemens' 34 percent stake, German newspaper Die Welt said, citing spokespeople from both companies in a pre-release of an article due to be published Monday.
The 1.62 billion euro price tag was previously determined by independent experts, but the value of Siemens' stake in Areva NP is still subject to a final ruling by the arbitral tribunal of the International Chamber of Commerce in Paris.
Siemens and Areva were not available Sunday to comment.
Siemens has been locked in a legal battle with Areva and had in June asked the European Commission to overturn a non-competition clause that would prevent the German company from competing with Areva for eight years.
Overturning the clause in its agreement with Areva would enable Siemens to offer its own nuclear plant technology.
Siemens is already in talks with Rosatom about cooperation, but those talks are on hold.
Areva said in December that a court has blocked a nuclear power tie-up between Siemens and Rosatom until the French and German companies complete mediation over their Areva NP joint venture.
Siemens said last month that it expects the sale of its stake in Areva NP to make a significant contribution to profit in its fiscal second quarter this year.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
