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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.