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Nuclear Energy: Westinghouse

My right honourable friend the Secretary of State for Trade and Industry (Alan Johnson) has made the following Written Ministerial Statement. BNFL is today signing a purchase and sale agreement with Toshiba to sell its US subsidiary Westinghouse for the sum of $5.4 billion. This is an excellent outcome for the UK taxpayer, who stands to benefit from a return of around four times BNFL's original investment in the business. I am confident that as part of a global business, Westinghouse will be better placed to capitalise on the prospects for international nuclear new-build projects. The Government would have been reluctant for the taxpayer to take on the commercial risks of such international projects. Toshiba conversely is able to make the necessary investment and will be able to create synergies that are not available under the current ownership to take advantage of growing opportunities. BNFL and Toshiba will now apply for the necessary regulatory and other clearances with a view to completing the transaction within six months.