TOKYO (Jiji Press) — Struggling electronics and machinery giant Toshiba Corp. said Wednesday it has acquired a 40 percent equity stake in British nuclear power firm NuGeneration Ltd. from Engie SA of France to make it a wholly owned subsidiary.
The move came after the French company exercised its right to make Toshiba purchase all of its equity holdings in NuGeneration after Westinghouse Electric Co., a troubled U.S. nuclear subsidiary of Toshiba, filed for Chapter 11 bankruptcy protection in the United States in March.
Toshiba, which originally owned 60 percent of NuGeneration, spent some ¥15.9 billion to boost its ownership to 100 percent.
In its earnings report for April-June 2017, Toshiba will book an additional loss of ¥3.6 billion as it will cover the cost of Westinghouse’s acquisition of reactor certification in Britain. read the rest here