• Home
  • Tv
  • Tv News
  • Toshiba likely to sell 16 percent stake in Westinghouse report

Toshiba likely to sell 16 percent stake in Westinghouse - report

Toshiba likely to sell 16 percent stake in Westinghouse - report
Advertisement
Japan's Toshiba Corp is likely to sell a 16 percent stake out of its 67 percent holding in its U.S. nuclear power unit Westinghouse to businesses including a U.S. nuclear-related firm, to put it in a better position to win orders from developing countries, the Yomiuri newspaper said on Tuesday.

The Yomiuri did not identify the potential buyers of the stake or a deal amount. The leading candidates are U.S. companies but firms from other countries might also bid, th e newspaper added, without citing sources.

With Japan considering phasing out nuclear power in the long term after last year's Fukushima plant disaster, Toshiba is looking to partner with firms that possess reactor-related technologies to help it get overseas orders, the paper said.

A Toshiba spokesman said he would check the report.

Toshiba has also been seeking buyers for a 20 percent stake that U.S.-based Shaw Group plans to sell back to Toshiba by January 2013.

The sale of the 16 percent stake would be separate from the Shaw deal, the Yomiuri said.

Shaw Group last year announced the sale of its 20 percent stake in Westinghouse to Toshiba to eliminate nearly $1.7 billion of debt and strengthen its balance sheet.

Shaw had partnered with Toshiba and Japanese engineer IHI Corp to buy Westinghouse from British Nuclear Fuels Plc for $5.4 billion in 2006. Toshiba bought a 77 percent stake, Shaw 20 percent and IHI 3 percent.

Toshiba's stake fell to 67 percent after the company sold a 10 percent stake to Kazakhstan's state-owned nuclear power company Kazatomprom.

Shares of Toshiba were up 0.4 percent at 272 yen in early trading on Tuesday, in line with the broader market.

Copyright Thomson Reuters 2012

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

RIM says BB10 will soon be ready to license - report
Samsung eyes 25 percent growth from home appliance biz in 2012
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »