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Toshiba to buy 10 pct of nuclear firm NuGen from GDF Suez, taking stake to 60 pct -media

Sunday, 12 Jan 2014 | 9:41 PM ET

pct -media@

TOKYO, Jan 13 (Reuters) - Toshiba Corp is in the final stages of buying around 10 percent of British nuclear power firm NuGen from French utility GDF Suez SA, boosting its stake to around 60 percent, the Nikkei business daily reported on Monday without citing sources.

Toshiba would buy the stake from GDF Suez, which owns 50 percent of NuGen, for about 3 billion yen ($29 million), the Nikkei said.

The Japanese conglomerate could not be immediately reached for comment due to a national holiday.

Toshiba has been seeking a majority holding in NuGen which would guarantee a $14 billion deal for its unit to supply NuGen with three reactors, Chief Executive Hisao Tanaka said late last month.

Spanish utility Iberdrola SA, which is selling assets to reduce debt, last month agreed to sell its 50 percent stake in NuGen to Toshiba for 85 million pounds ($140.12 million), subject to final approvals, terms and conditions.

A controlling stake would allow Westinghouse, 87 percent-owned by Toshiba, to supply three of its AP1000 reactors for a NuGen power station in Sellafield, northwestern England, which will have the capacity to produce 3.6 gigawatts.

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