Don't miss

Replay


LATEST SHOWS

REVISITED

After key battle, Syrian town of Kobane looks to the future

Read more

THE INTERVIEW

'War is not an option,' says former FARC guerrilla leader

Read more

EYE ON AFRICA

Madagascar political crisis: top court orders formation of unity government

Read more

MEDIAWATCH

Ireland's abortion referendum

Read more

THE WORLD THIS WEEK

Weinstein in court; Ireland abortion vote; Italy's populist takeover

Read more

YOU ARE HERE

Sugar and spice: The flavours of the French Caribbean

Read more

FRENCH CONNECTIONS

The French are so rude! Or are they?

Read more

ENCORE!

The writing's on the wall: Revolutionary posters from May 68

Read more

REPORTERS

'We heard there might be a civil war': May 68 seen from abroad

Read more

Siemens to sell stake in French nuclear giant

Latest update : 2009-01-27

German engineering firm Siemens confirmed Monday that it intended to sell off its 34% stake in Areva NP, the reactor subsidiary of French nuclear power giant Areva.

AFP - German engineering group Siemens said Monday it is to give up its stake in Areva NP, the reactor subsidiary of French nuclear power giant Areva.
   
Siemens currently holds a 34-percent stake in Areva NP, estimated to be worth 2.0 billion euros (2.6 billion dollars), which it will sell to Areva within three years, a Siemens statement said.
   
Siemens chief executive Peter Loscher indicated in the statement that the joint ownership was proving problematic, saying: "We want to play an active role in future developments, and that goes for the nuclear industry.
   
"That's why we have taken this initiative."
   
"For us, nuclear energy remains an essential component in the sphere of sustainable energies," he added.
   
A source said Friday that any decision to pull out would not be for "political" reasons.
   
A 2001 shareholders' agreement which governs Areva NP gives Siemens an option to sell its shares to Areva.
   
According to French business daily Les Echos, German Chancellor Angela Merkel called French President Nicolas Sarkozy to discuss the deal.
   
Sarkozy has not hidden his desire for Areva to buy the stake in the joint venture with the aim of creating a French national champion based on Areva, engineering group Alstom and construction group Bouygues.
   
Siemens started in the nuclear power industry in 1980 when it worked together with French group Framatome to develop a third generation nuclear reactor (EPR).
   
In 2001, Siemens and Areva grouped their nuclear activities from France, Germany and the United States into one company, Areva NP.
   
The German government has approved plans to mothball the last of its 17 nuclear reactors by about 2020 and polls show a majority of people in western Europe's most populous country oppose nuclear power.
   
 

Date created : 2009-01-27

COMMENT(S)