According to the order, the Sea Launch creation agreement stipulated the following: “Any dispute, controversy or claim arising out of or relating to this agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with ‘Optional Arbitration Clause for Use in Contracts in USA – Russian Trade and Investment – 1992’ … as modified in Exhibit A to this agreement. The arbitration will be conducted exclusively in English and will be conducted in Stockholm.”
The court cited case law in asserting that “[a]n arbitration award becomes binding when ‘no further recourse may be had to another arbitral tribunal (that is, an appeals tribunal),” before concluding that “Boeing and BCSC do not dispute that all arbitral appeals have been exhausted; the award is now being reviewed by a court, not an arbitrator. The award has thus ‘become binding.’ … Accordingly, Energia’s claim for enforcement of the arbitration award is not subject to dismissal.”
The closing of the transaction, after fulfilling the conditions precedent and obtaining the approval of the relevant anti-trust authorities, contributes to consolidating Finmeccanica’s capital structure and constitutes a fundamental step in the implementation of Finmeccanica’s strategic plan, whichenvisages strengthening the corporate governance, restructuring of operations and streamlining theGroup’s portfolio of activities. Finmeccanica will thus further focus its resources on the Aerospace, Defence and Security sectors, developing new technologies and products – both civil and military – that represent its core activity, creating value for its shareholders and contributing to growing the technological capabilities of the Italian industrial system.
The oil column was confirmed through log data and fluid samples, which will be characterised by laboratory analysis. The drilling of the well is still ongoing at 4,197 m depth, and will proceed until 5,028 m depth.
MOSCOW, December 23 (RAPSI) – A US federal court on Wednesday granted in part and denied in part a motion by American aerospace and defense conglomerate Boeing to dismiss counterclaims filed by Russian space giant Energia in Boeing’s $355 million lawsuit, according to court documents obtained by RAPSI.
The transaction consideration for 100% of the share capital is a fixed price of EUR 777 million, and an earn-out component of up to EUR 130 million maturing over the years 2014, 2015 and 2016, linked to the achievement by Ansaldo Energia of its current business plan targets. Earn-out payments will occur in years 2015, 2016 and 2017.