Toshiba Corp.’s Westinghouse Electric Company LLC agreed to buy CB&I Inc.’s nuclear business in a deal that would settle disputes between the two contractors and the owners of two long-delayed U.S. power projects.
Westinghouse Electric agreed to pay $229 million for the CB&I Stone & Webster Inc. unit upon the delivery of some equipment and the completion of the two U.S. projects, Southern Co.’s Vogtle nuclear power plant in Georgia and Scana Corp.’s V.C. Summer complex in South Carolina, terms posted on CB&I’s website Tuesday show.
The sale marks a shift for CB&I away from large-scale nuclear power projects and would resolve disputes that the company and Westinghouse had with Southern and Scana over who should pay for the cost overruns of their projects. CB&I projected an after-tax charge of about $1 billion to $1.2 billion from the deal. Westinghouse will take over the construction and startup of Vogtle and V.C. Summer, both delayed by years.
http://www.bloomberg.com/news/articles/2015-10-27/westinghouse-to-buy-cb-i-s-nuclear-construction-businesses
My post is for my entertainment, do your own DD before pushing your
buy/sell buttons
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