Japanese firm Toshiba Corp. is reportedly holding discussions with three parties to sell off up to 16% of its subsidiary, U.S.-based Westinghouse Electric Co.
Toshiba President Norio Sasaki told the Wall Street Journal last week that the conglomerates forecast for the nuclear reactor business was positive, and that the company was not in a hurry.
Engineering firm the Shaw Group in September 2011 announced it would sell its 20% stake in Westinghouse back to partner Toshiba—forcing the Japanese company to raise its holding to 87%. Shaw said it was exercising its option to sell its stake in Westinghouse primarily because of changes in the value of the Japanese yen. The company said its yen-dominated debt has surged by almost $600 million to a total of $1.7 billion since the acquisition.
Toshiba and Shaw bought 77% Westinghouse in October 2006 from the British government; the company’s other partners include Russian firm Kazatamprom and Ishikawajima-Harima Industries (IHI) of Japan, which hold 10% and 3% stakes, respectively.
Sources: POWERnews, Wall Street Journal