Toshiba to buy Engie’s stake in NuGen for $139m

AFP, TOKYO:  Japan’s troubled conglomerate Toshiba said yesterday it would buy the 40 percent stake held by French group Engie in their British nuclear joint venture NuGen for about 15.3 billion yen ($138.6 million).
The deal—prompted by the bankruptcy of Toshiba’s US subsidiary Westing-house—was at Engie’s request, said the Japanese group, which currently holds the remaining 60 percent of the venture.
NuGen plans to build three reactors at the Moorside site in Cumbria in northwest England.
The AP-1000 models are designed by Westinghouse, which filed for bankruptcy protection last week.
Engie in December said it was studying the economic viability of its nuclear projects, especially in Britain, after press reports suggested it wanted to withdraw from them.
Westinghouse’s bankruptcy filing precipitated the move.
Such a bankruptcy procedure entitles Engie to sell all of its stake in NuGen to Toshiba, or to acquire all the shares held by Toshiba, the Japanese firm said.
“Engie has accordingly exercised its rights to require Toshiba to buy its holding.”
Toshiba has previously warned it was facing a writedown exceeding 700 billion yen at Westinghouse.

Toshiba to buy Engies stake in NuGen for $139m

AFP, TOKYO: Japans troubled conglomerate Toshiba said yesterday it would buy the 40 percent stake held by French group Engie in their British nuclear joint venture NuGen for about 15.3 billion yen ($138.6 million). The dealprompted by the bankruptcy of Toshibas US subsidiary Westing-housewas at Engies request, said the Japanese group, which currently holds the remaining 60 percent of the venture. NuGen plans to build three reactors at the Moorside site in Cumbria in northwest England. The AP-1000 models are designed by Westinghouse, which filed for bankruptcy protection last week. Engie in December said it was studying the economic viability of its nuclear projects, especially in Britain, after press reports suggested it wanted to withdraw from them. Westinghouses bankruptcy filing precipitated the move. Such a bankruptcy procedure entitles Engie tosell all of its stake in NuGen to Toshiba, or to acquireall the shares held by Toshiba, the Japanese firm said. Engie has accordingly exercised its rights torequire Toshiba to buy its holding. Toshiba has previously warned it was facing a writedown exceeding 700 billion yen at Westinghouse.