Siemens To Pay Areva $927M For Joint Venture Breakup

Law360, New York (May 20, 2011, 12:33 PM EDT) -- Siemens AG said Thursday that an international arbitration panel had ordered the German engineering giant to pay French energy company Areva SA €648 million ($927 million) for not meeting its contractual obligations prior to exiting a nuclear power joint venture in 2009.

The ruling by an arbitration panel of the International Chamber of Commerce came just over a month after Areva purchased Siemens' 34 percent stake in the Arena NP joint venture for approximately €1.62 billion in March, leaving Areva in full control of the joint...
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