May 20, 2011
Siemens AG (NYSE:SI) has been ordered by an arbitration tribunal to pay $927 million to French state-controlled company Areva SA, finding the Munich, Germany based company failed to meet contractual obligations in a nuclear joint venture it exited earlier this year.
The payment, plus interest, will be recorded in Siemens' fiscal Q3 ending in June. Siemens sold its stake in the joint venture to Areva in March for a pretax gain of $2.17 billion.
The French joint venture, previously called Framatome, was the world's biggest maker of nuclear reactors and when it was created a decade ago when Areva and Siemens merged their nuclear reactor businesses in France, Germany and the U.S.
Shares of Siemens are trading down 2.94% at $130.76.
Oil & Gas Post
Promote Your Page Too
No comments:
Post a Comment