Nuclear

Siemens set to sell stake in Areva NP

25 January 2009 – On Friday the Financial Times reported that Siemens is planning to pull out of its nuclear joint venture with France’s Areva Group.

According to the Financial Times, the German engineering conglomerate informed Areva early last week of its intention to exercise its option to sell its 34 per cent stake in Areva NP, the group’s nuclear engineering arm.

It is reported that Siemens took the decision to pull out after it became clear that it would not be allowed to raise its stake to 50 per cent.

According to sources close to the situation, Siemens felt the current shareholding did not give it sufficient say in the company’s strategic development, in a market it deemed to be of growing importance for its activities in the energy sector.

Areva was unavailable for comment, and Siemens would only say that the subject would be discussed at a special supervisory board meeting being held today.

According to French newspaper Les Echos, Siemens’ stake is valued at approximately €2bn ($2.6bn).