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January 15, 2014
06:19 EDTTOSBFToshiba to take 60% share in NuGen Moorside Project in the UK
Toshiba announced that it has reached agreements with GDF SUEZ of France and Iberdrola of Spain to take a 60% stake in NuGeneration Limited, the UK-based nuclear energy company which plans to develop nuclear power plants at the Moorside site in West Cumbria, Northwest England. As the majority owner of NuGen, Toshiba, in collaboration with its group company, Westinghouse Electric Company, intends to move forward with the construction of three AP1000 nuclear reactors on the Moorside site, in partnership with GDF SUEZ, a leading European nuclear operator. Under an agreement with Iberdrola dated December 21, 2013, Toshiba will purchase all of Iberdrolaís indirect 50% holding in the project. Under a separate agreement reached in January 2014 with GDF SUEZ, Toshiba will purchase a further 10% holding in the project giving Toshiba a 60% stake in NuGen. The provisional total purchase price of 102 million pounds sterling is subject to adjustment, as is customary in such major transactions, while final agreements are subject to obtaining the relevant authorisations and consents and other required processes. Toshiba aims to complete the overall transaction within the first half of calendar year 2014. NuGenís Moorside project focuses on the development of a new generation nuclear power station and represents a major investment in the future, and in supporting the UK to meet the challenges of securing a stable, affordable, future energy supply and cutting CO2 emissions. The three AP1000 units to be built on the site, developed by Westinghouse, will have a combined capacity of 3.4 gigawatts. Building on this major development, Toshiba and Westinghouse will seek further opportunities to build AP1000 reactors in Europe and other key geographies.
News For TOSBF From The Last 14 Days
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October 8, 2015
06:15 EDTTOSBFToshiba and SanDisk among Tsinghua's takeover targets, DigiTimes reports
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October 2, 2015
05:57 EDTTOSBFToshiba no longer selling consumer notebooks in Taiwan, DigiTimes reports
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October 1, 2015
09:06 EDTTOSBFToshiba's Westinghouse Electric acquires Multibus I product line
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07:39 EDTTOSBF30 more Toshiba execs identified in accounting scandal, Bloomberg says
Toshiba has identified 30 additional executives linked to an accounting scandal that has already resulted in the resignations of three former presidents and reduced the reported profit by roughly $1.3B, Bloomberg reports. The managers will be punished, but remain with the company, the report says. Reference Link
06:32 EDTTOSBFToshiba may cut jobs in TV, PC businesses, Reuters reports
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06:30 EDTTOSBFNew Toshiba CEO Muromachi expects to leave within 3 years, WSJ says
Newly appointed Toshiba CEO Masashi Muromachi said that he anticipates leaving the position within the next three years, the Wall Street Journal reports. "It's hard to imagine I would remain in the position for three years or more," Muromachi told reporters. Reference Link

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