German industrial conglomerate Siemens AG (SI) Friday said it will discuss its planned nuclear energy joint venture with Russia's Rosatom in view of the competition restrictions imposed on Siemens by a court Thursday, which could end up delaying or derailing its plans to become a major force in the field of nuclear energy.
German industrial conglomerate Siemens AG (SI) Friday said it will
discuss its planned nuclear energy joint venture with
Russia
's
Rosatom in view of the competition restrictions imposed on Siemens by a court
Thursday, which could end up delaying or derailing its plans to become a major
force in the field of nuclear energy.
The arbitral tribunal of the International Chamber of Commerce Thursday ruled
Siemens is not allowed to compete with
France
's
Areva SA (CEI.FR) until
Sept.
25, 2013
, since Siemens had not fully met its obligations toward Areva when it
quit their nuclear-power joint venture Areva NP in 2009.
"Naturally we want to discuss the possibilities and implications of the
judgment with our Russian counterparts," a Siemens spokesman told Dow
Jones Newswires Friday, with reference to the planned tie-up with Rosatom.
The Siemens spokesman said the judgment and its grounds must firstly be
examined in great detail.
"This will understandably be carried out in consideration of the events in
Japan
, the
global market environment, and also societal and political aspects," the
spokesman said, adding Siemens will comment on the proceedings after that.
Russia
's
Rosatom also said it is still studying the ruling and will decide with Siemens
later on how to proceed. A spokesman for the Russian company said there is no
time frame set for such a decision.
The International Chamber of Commerce Thursday ruled that Siemens will have to
pay back Areva EUR648 million plus interest, after initially receiving EUR1.62
billion from Areva for buying it out of the joint venture, Siemens said in a
statement.
Siemens earlier this year sold its 34% holding in Areva NP to Areva SA, which
gained full control. The price for transferring the stake was based on the
opinion of an independent adviser that in March valued the stake at EUR1.62
billion.
Siemens decided to exit Areva NP more than two years ago and at the time said
it planned to form a partnership with
Russia
's
Rosatom instead.
However, Siemens is considering whether to abandon its goal of becoming a major
player in the atomic-power industry, several unconfirmed news reports said in
recent months.
Siemens's Chief Financial Officer Joe Kaeser in April fuelled such speculation
when he told
Germany
's Der
Tagesspiegel newspaper that "
Fukushima
has
to be an occasion for taking stock [of nuclear energy]," referring to the
nuclear accident in
Japan
.
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