Sarkozy wants all-French energy giant

23rd July 2007, Comments 0 comments

BERLIN, July 23, 2007 (AFP) - French President Nicolas Sarkozy wants to kick Germany out of a Franco-German nuclear engineering joint venture to create an all-French energy giant, a German magazine reported Saturday.

BERLIN, July 23, 2007 (AFP) - French President Nicolas Sarkozy wants to kick Germany out of a Franco-German nuclear engineering joint venture to create an all-French energy giant, a German magazine reported Saturday.

Sarkozy wants to buy Siemens AG's 34 percent stake in Areva NP, a joint venture set up in 2001 with French nuclear group Areva, Wirtschaftswoche said in an article to appear on Monday, citing company sources.

The German group's stake in Areva NP is valued at about one billion euros (1.3 billion dollars), the magazine said. Areva owns the remaining two-thirds.

Sarzkoy then wants to combine the state-owned Areva with French energy company Alstom as well as engineering giant Bouygues to create an all-French group constructing nuclear and fossil fuel power stations, the magazine said.

Siemens is not expected to give up the stake without a fight, however, and chief executive Peter Loescher hopes to have the support of German Chancellor Angela Merkel in countering Sarkozy's plan, Wirtschaftswoche said.


Copyright AFP

Subject: French news

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