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07.09.2011 15:04
Toshiba Agrees to Buy Shaw’s 20% Stake in Westinghouse
Toshiba said in May it expects to win 39 reactor orders, generating USD 13 billion in revenue from its nuclear business in the year ending March 2016

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Toshiba Corp. (6502) will buy Shaw Group Inc. (SHAW)’s 20 percent stake in nuclear-plant designer Westinghouse Electric for about USD 1.6 billion, increasing its share to 87 percent, Bloomberg reported.
Shaw is exercising its option to sell the stake to Toshiba after a rise in the value of the yen helped to boost its Westinghouse debt by more than 50 percent during the past five years, according to an official statement. The option to sell was part of the companies’ 2006 purchase of Westinghouse.
Toshiba will pay about USD 1.6 billion for the stake, Shaw Chief Executive Officer and Chairman James Bernhard said. Toshiba is open to new partners in Westinghouse, designer of the AP1000 and Advanced Boiling Water reactor designs, and “several companies” have expressed interest in investing, the Tokyo-based company said in a separate statement.
Toshiba said in May it expects to win 39 reactor orders, generating 1 trillion yen (USD 13 billion) in revenue from its nuclear business in the year ending March 2016. The company has warned about possible delays in approval of new construction projects. The U.S. and other nations are reviewing regulations after a March 11 earthquake and tsunami in Japan caused the worst nuclear accident since Chernobyl.

TAGS: Toshiba | Westinghouse | stake acquisition | Shaw | nuclear energy | atomic reactors | AP1000 | Advanced Boiling Water 

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