Toshiba hikes equity stake in Westinghouse

Kyodo

Posted at Jan 07 2013 12:11 PM | Updated as of Jan 07 2013 08:11 PM

TOKYO - Toshiba Corp. said Wednesday it has boosted its stake in U.S. nuclear equipment maker Westinghouse Electric Co. to 87 percent from 67 percent by acquiring a stake held by a U.S. engineering firm for 125 billion yen.

Toshiba bought the stake from Nuclear Energy Holdings L.L.C., a wholly owned unit of The Shaw Group Inc. of the United States, on Jan. 4 as Nuclear Energy has exercised its option to sell its 20 percent stake in Westinghouse, it said.

Toshiba utilized cash and loans to buy the shares.

Toshiba eyes bringing in an ally interested in getting a Westinghouse stake from Toshiba, on condition that it leaves Toshiba with a majority stake after such investment, endorses Toshiba's long-term strategy concerning Westinghouse and fairly assesses what stake it would acquire, it added.

==Kyodo