In an interview on Thursday by Reuters, Toshiba Corp chief executive Hisao Tanaka said the company wants to have a majority stake in NuGen through its subsidiary. NuGeneration or NuGen is a British nuclear consortium by GDF Suez and Iberdola SA.
Established in 2009, Nugen was formed as a joint venture between Iberdola, GDF Suez and Scottish and Southern Energy (SSE). GDF Suez and Iberdola then each had a 37.5% stake while SSE had a 25% stake. SSE exited from the venture by selling its stake to GDF Suez and Iberdrola.
According to sources who were familiar with the matter, Spanish utility Iberdrola had been engaging in talks to exit from its 50% stake in NuGen. Should Toshiba obtain its majority stake in the UK nuclear consortium, it would have its subsidiary buy the shares from both Iberdrola and Suez.
Tanaka said the decision to buy out Iberdola from its ownership in NuGen would be made before the year ends.
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