Areva sees red after MoU

摘要

In November Siemens gave notice that it was pulling out of the Areva NP joint venture that the two had set up to pool their nuclear activities. In February 2009 it restarted talks with Rosatom, talks that had been officially dormant since 2007 when the two companies signed a memorandum of understanding (MoU) for future cooperation.rnSiemens directors say they had started to feel that the group's nuclear ambitions would be curtailed by their commitment to Areva NE Accordingly, Siemens decided to sell its 34% stake in Areva NP owing to 'the lack of strategic influence that it had in the partnership' and its desire to pursue its own growth plans for the nuclear market.rnThe split became irrevocable on 3 March this year when, only a month after formal talks got under way between the two firms, Siemens and Rosatom followed up their discussions by signing a new MoU on the creation of a nuclear joint venture. They believe that the move will help them to capitalise on the resurgent world nuclear market, and aim to become world leaders in the international nuclear power business. They are a good business fit and have undertaken to keep out of the politically sensitive areas of fuel reprocessing and uranium enrichment. Siemens must now offer all its shares to Areva under the terms of their original agreement.