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Japan's Sumitomo Corp may take 5 pct stake in Westinghouse - report


Published : Mon, 29 Jan 2007 23:41
By : Agencies
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TOKYO (XFN-ASIA) - Sumitomo Corp is in talks with Toshiba Corp to take about a 5 pct stake in Westinghouse Electric Co, the Nikkei reported, without citing sources.

Toshiba, which acquired Westinghouse last year in a 5.4 bln usd deal, has been looking for investors to help it reduce its financial burden from the Westinghouse deal, the business daily said.

The two companies are seeking to conclude their negotiations by the end of March, it said.

Toshiba owns a 77 pct stake in Westinghouse, with US engineering firm Shaw Group Inc holding a 20 pct interest and Ishikawajima-Harima Heavy Industries Co the remaining 3 pct.

(1 usd = 121.81 yen)

yasuhiko.seki@xfn.com

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