Toshiba to purchase 60% stake in British nuclear group

Japan's Toshiba Corp. said Wednesday it plans to buy 60 percent stake in British nuclear group NuGen from Spanish and French utility firms for about 100 million pounds (about 164.21 million U.S. dollars). Toshiba plans to finish the acquisition by June, under which the Tokyo-based electrical machinery manufacturer could win orders to construct three nuclear reactors planned by NuGen in West Cumbria, England, for around 1.2 trillion yen to 1.5 trillion yen (about 12.93 billion dollars), Japan's Kyodo News quoted the company officials as saying. Toshiba will buy a 50-percent stake from Spanish Iberdrola and a 10-percent stake from French GDF Suez. NuGen is a joint venture between the two European utilities. GDF Suez will retain the remaining 40 percent stake in NuGen after Toshiba's acquisition.