Thursday, December 27, 2012

Bloomberg News: Toshiba in Talks to Sell as Much as 16% of Westinghouse

From Bloomberg News (12/26/2012; emphasis is mine):

Toshiba Corp. is in talks to sell a stake of as much as 16 percent in its Westinghouse Electric Co. nuclear-power unit, the Japanese company said.

The company is in talks with three parties over the possible sale, Toru Ohara, a spokesman for Tokyo-based Toshiba, said by phone today, confirming comments by President Norio Sasaki, reported earlier by MarketWatch.

The Japanese company said in October it had “received interest” from potential partners about acquiring a stake and was open to talks on the condition that Toshiba retains majority control. Toshiba is set to acquire 20 percent of Westinghouse from Baton Rouge, Louisiana-based Shaw Group Inc. (SHAW) next month for 125 billion yen ($1.5 billion), bringing its total stake to 87 percent.

Toshiba paid $4.16 billion for 77 percent of Westinghouse in 2006. It nows owns 67 percent after Kazatomprom, Kazakhstan’s state nuclear company, purchased 10 percent in 2007.

Toshiba rose 3.2 percent to 321 yen at the close of trading in Tokyo, while Japan’s benchmark Nikkei 225 Stock Average gained 0.9 percent. The stock has advanced 1.9 percent this year.


Anonymous said...

Isn't it funny how an American nuclear company wouldn't exist if it wasn't for all the foreign investment? Even the Shaw group knows it's time to get out, maybe Toshiba needs some fresh capital to throw away on another crappy robot.

Anonymous said...

GE saw the writing on the wall too and started unloading its nuclear divisions a long time ago.

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