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Areva seeks to block Siemens-Rosatom nuclear deal
PARIS
Petroleumworld.com, Apr. 30, 2009French nuclear power group Areva said Thursday it had filed a request for arbitration to try to stop Germany's Siemens creating a rival venture with Russian group Rosatom.
A spokeswoman for the French state-controlled group confirmed a press report that her company had taken the case to the International Chamber of Commerce, but declined to provide further details.
A Siemens spokesman said his firm would request that Areva's application to the chamber be rejected. The chamber is a private international group whose court of arbitration hears and seeks to resolve disputes between companies.
Siemens recently ended a cooperation agreement with Areva and their joint company Areva NP is due to come to an end by 2012.
Siemens, a giant German industrial group owned by shareholders via the stock market, said in March it had signed a draft agreement with Rosatom to set up a jointly owned company in the nuclear field.
Rosatom would own 50 percent plus one share of the new entity, which will be in direct competition with Areva.
Areva responded by insisting that the draft agreement between Siemens and Rosatom amounted to a "unilateral breach of contractual obligations" towards Areva.
Story from AFP
AFP 04/30/2009 16:06
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