Skip to main content

Toshiba Corp is in talks with Canada’s Brookfield Asset Management Inc for the potential sale of its UK nuclear unit NuGen, a source familiar with the matter said on Tuesday.

Brookfield has emerged as one of several new candidates since Korea Electric Power Corp (KEPCO) lost its preferred bidder status in July, said the source, who declined to be identified as the talks are private.

The talks, first reported by the Financial Times, are at an early stage, the source said.

Story continues below advertisement

Brookfield declined to comment.

A Toshiba spokesman said the company “continues to consider additional options, including sale of its shares in NuGen to KEPCO.”

“We are carefully monitoring the situation, in consultation with stakeholders, including the UK government,” he added.

The NuGen project in Moorside, northwest England, was expected to provide around 7 per cent of Britain’s electricity, but faced setbacks after Toshiba’s nuclear arm Westinghouse went bankrupt last year.

NuGen said last week it has cut the team working on its project, to fewer than 40 people from more than 100 as a sale of the project is taking longer than expected.

This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.

Report an error
Tickers mentioned in this story
Unchecking box will stop auto data updates
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • All comments will be reviewed by one or more moderators before being posted to the site. This should only take a few moments.
  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed. Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments.

Read our community guidelines here

Discussion loading ...

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Cannabis pro newsletter