TOKYO--Toshiba Corp. (6502.TO) is in talks with three parties
about selling up to a 16% stake in Westinghouse Electric Co., in
which it owns 67%, but intends to keep a controlling stake in the
U.S. manufacturer of nuclear power facilities, Toshiba's president
said Thursday.
The three parties "have made very good offers," President Norio
Sasaki told Dow Jones Newswires. The parties include companies
outside the U.S., he added.
A strategic investment partner in Westinghouse worldwide would
enable Toshiba to build a firmer footing for its nuclear
power-plant business globally, as well as raise cash from such a
stake sale.
Mr. Sasaki also said another 20% in Westinghouse that Shaw Group
Inc. (SHAW) currently owns--but which Toshiba is set to acquire in
January under the terms of a put option--may be purchased by
Chicago Bridge & Iron Co. (CBI). However, Toshiba has received
proposals from two other companies to buy the stake, he added.
In October, Shaw informed Toshiba it had exercised a put option
to sell the 20% to Toshiba. Under the terms of the agreement, the
purchase will close Jan. 4.
Chicago Bridge is in the process of purchasing Shaw after
Chicago Bridge shareholders overwhelmingly approved the $3.04
billion acquisition earlier this month.
Write to Mari Iwata at mari.iwata@dowjones.com
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