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Japan's Sumitomo Corp to buy 5 pct stake in Westinghouse from Toshiba - report


Published : Thu, 29 Mar 2007 22:50
By : Agencies
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TOKYO (XFN-ASIA) - Sumitomo Corp will spend 30 bln yen to acquire a 5 pct stake in nuclear power firm Westinghouse Electric Co, which Toshiba Corp bought last October, the Nikkei reported, without citing sources.

Toshiba has been seeking investors to help it reduce the financial burden of its 77 pct stake in Westinghouse, the business daily said.

Sumitomo will sign an agreement late next month and obtain the Westinghouse shares by June.

In an operational tie-up, Sumitomo would handle marketing to overseas power companies as well as procurement of such materials as uranium, the Nikkei said.

Sumitomo is participating in a Kazakhstan uranium-mining project slated to begin full operations in 2010 and hopes to supply the nuclear fuel to Westinghouse clients.

(1 usd = 117.88 yen)

yasuhiko.seki@xfn.com

ys/mas

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