Siemens sells stake in nuclear joint-venture

BERLIN—Siemens AG has sold its stake in a joint venture to build nuclear power plants with Areva NP for $2.3 billion to the French firm.

The company sold its 34 per cent stake March 18 to Areva SA which also owns the remaining 66 per cent.

In 2009, Siemens pulled out of the Areva NP unit, the world’s largest builder of atomic power plants, complaining that its minority shareholding didn’t give it enough say over the business.

Munich-based Siemens then announced it would join Russia’s Rosatom to develop nuclear reactors, but that deal is on hold pending the Areva proceedings.