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Thursday, December 27, 2012

Toshiba in talks with 3 firms to sell part of Westinghouse stake-media, (NYSE: SHAW)

Japan's Toshiba Corp is in talks with three parties, including U.S. engineering firm Chicago Bridge and Iron Company NV, to sell a portion of its stake in its nuclear power unit Westinghouse, according to media reports. Toshiba CEO Norio Sasaki told Dow Jones Newswires in a interview on Thursday that the firm is in discussions to sell up to a 16 percent stake in Westinghouse, in which the Japanese company currently owns a 67 percent stake.While the Japanese company is in talks with firms including Chicago Bridge and Iron on selling part of its Westinghouse stake, it intends to retain its place as the reactor builder's controlling shareholder, a Toshiba spokesman said, adding that nothing has been decided yet.Toshiba is also set to purchase back 20 percent of Westinghouse from Louisiana-based Shaw Group Inc by January, bringing its total holdings to 87 percent, which analysts say is a burden on the Japanese firm.Dow Jones said Toshiba has received proposals from two other firms to buy the 20 percent stake, citing Sasaki, including companies outside the United States.

The Shaw Group Inc. (Shaw) is a provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services to a diverse client base that includes multinational and national oil companies and industrial corporations, regulated utilities, independent and merchant power producers, and government agencies. Shares of SHAW remained unchanged at $46.49. In the past year, the shares have traded as low as $23.95 and as high as $46.55. On average, 1143120 shares of SHAW exchange hands on a given day and today's volume is recorded at 0.