Areva buys Siemens stake in nuclear JV: report

FRANKFURT (Reuters) – France’s Areva SA (CEPFi.PA: Quote, Profile, Research) has bought Siemens’ (SIEGn.DE: Quote, Profile, Research) 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 on 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 (ICC) in Paris.

Siemens and Areva were not available on Sunday to comment.

Siemens has been locked in a legal battle with Areva SA 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 Russia’s Rosatom about a cooperation but those talks are on hold.

Areva said in December a court has blocked a nuclear power tie-up between Siemens and Russia’s Rosatom until the French and German companies complete mediation over their Areva NP joint venture.

Siemens said last month it expects the sale of its stake in Areva NP to make a significant contribution to profit in its fiscal second quarter this year.

($1=.6943 Euro)

(Reporting by Harro ten Wolde and Joern Poltz in Frankfurt, Additional reporting by Brian Love in Paris; Editing by Jon Loades-Carter)

Areva buys Siemens stake in nuclear JV: report