Kazatomprom Sells 10-percent Stake in Westinghouse Electric
Kazatomprom announced that it has sold back its 10-percent stake in Westinghouse Electric Company LLC to Toshiba Corp. (TSE:6502). The sale was made in accordance with the terms of a “put option agreement” between the two companies.
Kazatomprom announced that it has sold back its 10-percent stake in Westinghouse Electric Company LLC to Toshiba Corp. (TSE:6502). The sale was made in accordance with the terms of a “put option agreement” between the two companies.
As quoted in the press release:
Earlier this year, Kazatomprom exercised its rights under the put option, and today received a payment of US$ 522 million for its shares in Westinghouse.
Combined with dividends received during its ownership of Westinghouse shares of US$ 103 million, the total return on Kazatomprom’s invested funds amounts to US$ 625 million, which exceeded the initial investments in Westinghouse Electric Company’s shares by US$ 85 million.
To recall, Kazatomprom acquired shares of Westinghouse in 2007 from Toshiba for US$ 540 million. According to the terms of that deal, Kazatomprom had the right to sell its shares back to Toshiba at a fixed price of US$ 522 million under the Put Option Agreement.
In March 2017, American company Westinghouse (subsidiary of the Japanese corporation Toshiba) filed a petition for bankruptcy proceeding in accordance with Article 11 of the US Bankruptcy Code.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1846.53 | +0.13 | |
Silver | 21.75 | +0.03 | |
Copper | 4.30 | +0.02 | |
Palladium | 1968.65 | +11.53 | |
Platinum | 957.67 | +3.19 | |
Oil | 110.35 | -1.86 | |
Heating Oil | 3.62 | -0.05 | |
Natural Gas | 8.06 | -0.25 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.