Toshiba to sell stocks in (US) Westinghouse and (British) Nugeneration Ltd.

February 2, 2017

Toshiba wants to dump shares in loss-making Westinghouse

http://www.asahi.com/ajw/articles/AJ201702020038.html

THE ASAHI SHIMBUN

Global giant Toshiba Corp. is planning to sell off a large proportion of its shares in a U.S. nuclear plant company that has incurred enormous losses.

Whether Toshiba can find a buyer for the shares in the ailing Westinghouse Electric Co. is uncertain.

Westinghouse Electric, of which Toshiba owns 87 percent of the shares, has largely contributed to Toshiba’s prospect of a total deficit of at least 700 billion yen ($6 billion) for fiscal 2016.

The recently revealed decision is expected to be included in the list of measures Toshiba will take to prevent a recurrence of the massive deficit the company is expected to announce Feb. 14.

Toshiba is hoping to retain just over 50 percent of Westinghouse Electric's shares.

Toshiba is also planning to sell stocks in the next few years of another subsidiary, British plant manufacturer NuGeneration Ltd., which is currently building three nuclear power plants in Britain.

Toshiba hopes to reduce its ownership of NuGeneration from the current 60 percent to under 50 percent before the scheduled launch of the plants in the mid-2020s.