Toshiba in talks to buy Westinghouse stake: report

Reuters News
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Posted: Sep 05, 2011 8:08 PM

NEW YORK (Reuters) - Japan's Toshiba Corp is in talks to buy a 20 percent stake in nuclear power plant company Westinghouse Electric Co from U.S. engineering company Shaw Group, the Wall Street Journal reported on Monday citing sources.

Westinghouse Electric is already majority owned by Toshiba Corp -- the maker of flash memory chips, laptops, nuclear reactors and rice cookers -- and Shaw Group.

A deal could erase any U.S. ownership of Westinghouse, the Wall Street Journal said.

Shaw partnered with Toshiba, and another Japanese company to buy Westinghouse from British Nuclear Fuels PLC for $5.4 billion five years ago, the paper said.

Toshiba and Westinghouse were not immediately available for comment. Shaw declined to comment.