Kazatomprom buys 10% stake in Westinghouse

22 October 2007

Kazakhstan's state-owned Kazatomprom announced on 18 October that it had completed its purchase of a 10% stake in Westinghouse from Toshiba for $540 million. Kazatomprom said it bought the stake using its own funds. Toshiba of Japan led a group of firms which bought the US-based reactor vendor from the UK's BNFL in 2005 for $5.4 billion, taking 77% for itself. Toshiba still holds a 67% controlling stake in Westinghouse, while the remainder is held by US engineering company Shaw Group (20%) and Japanese heavy machinery manufacturer Ishikawajima Heavy Industries (3%). Kazatomprom has established a strategic partnership with Toshiba and defined and agreed on various areas for potential cooperation. An agreement on Kazatomprom's purchase of a 10% stake in Westinghouse was announced on 13 August. By welcoming Kazatomprom as a minority investor, Toshiba aims to enhance its global nuclear power business. Kazatomprom, through this deal, plans to enter new export markets for its products.

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WNN: Kazatomprom buys into Westinghouse