Japanese newspapers have reported that Toshiba Corporation is interested in selling a 16 percent stake in U.S. nuclear power-plant company Westinghouse Electric Co. LLC as it looks to prioritize its nuclear business in emerging markets.
Toshiba currently holds 67 percent of Westinghouse and will look to sell the stake to nuclear technology companies that have strong links to emerging markets, the news report said.
Toshiba is possibly looking to partner with firms that possess reactor-related technologies to help it get overseas orders.
Without naming any of the potential companies, the report said that a U.S.-based firm is among the preferred buyers.
When originally purchased in 2006 from British Nuclear Fuels Plc, Westinghouse owners were Toshiba with a 77 percent stake, Shaw 20 percent and IHI Corporation (a Japanese Engineering firm) at 3 percent. Toshiba paid about $4.2 billion for 77 percent stake in Westinghouse.
Toshiba's stake fell to 67 percent after the company sold 10 percent to a Kazakhstan's nuclear power company, Kazatomprom.
Toshiba has also been seeking buyers for a 20 percent stake that Shaw Group plans to sell back to Toshiba by January 2013. This is a separate deal from the latest 16 percent stake offering.