As we predicted Westinghouse has been bailed out by an asset management company. The nuclear industry will not under any circumstances, apart from huge public outcry and condemnation, be allowed to go belly up. This means that Westinghouse in Preston will be hoping to gear up to supply all new nuclear reactors here (and overseas ….even Africa is being coerced into nuclear power) with fuel and other nuclear materials. This is a scandal and it is happening in a small village called Salwick, Nr Preston, Fair Trade Town! Nuclear waste from fuel manufacturing is dumped into the Ribble, Clifton Marsh landfill and to our DNA with, according to nurses we have spoken to, ever increasing childhood cancers in the Preston area. All eyes are directed to fracking in Preston while the nuclear industry is killing people right now. Fracking is bad….this is badder on a much bigger scale.
As with Sellafield in Cumbria, there is work for many decades to come at Springfields in Salwick, Preston without resorting to producing ever more increasingly dangerous (high burn) nuclear fuel and as a consequence ever more nuclear waste.
There is an extract from a Reuters report below – read the full report here
“Brookfield Business Partners to buy Westinghouse for $4.6 billion
(Reuters) – A subsidiary of Canada’s Brookfield Asset Management Inc (BAMa.TO) (BAM.N) plans to acquire Westinghouse Electric Co LLC, the bankrupt nuclear services company owned by Toshiba Corp (6502.T), for $4.6 billion
Brookfield Business Partners LP (BBU.N) (BBU_u.TO) said in a statement on Thursday that it and institutional partners would use $1 billion of equity and $3 billion of long-term debt financing to buy the Pittsburgh-based business, its first investment in nuclear power.
The buyers are also assuming Westinghouse’s underfunded pension plan.
New York-listed shares of Brookfield Business Partners were up 3.4 percent in afternoon trading.
The deal is expected to close in the third quarter but will require approval from regulators and the U.S. Bankruptcy Court.
Westinghouse has said it is aiming to exit bankruptcy as soon as March, which would allow Toshiba to book tax benefits in the current fiscal year.
”Brookfield’s acquisition of Westinghouse reaffirms our position as the leader of the global nuclear industry,” said Westinghouse Chief Executive Officer José Emeterio Gutiérrez.
Toshiba did not immediately respond to requests for comment.
The Brookfield group of companies is among the world’s largest investors in stable, long-lived assets such as utilities, real estate, energy and infrastructure.
“Acquiring Westinghouse definitely fits the risk approach they have,” said Mycle Schneider, an energy and nuclear policy consultant in Paris. “They buy assets in shaky situations.”
Last year Brookfield Asset Management acquired control of two owners of renewable energy projects, TerraForm Global Inc and TerraForm Power Inc (TERP.O), from SunEdison Inc, which had filed for Chapter 11.
In 2016, Brookfield Business Partners converted debt to a large equity stake in a Texas power producer that emerged from Chapter 11 and became Vistra Energy Corp (VST.N). And in November, Brookfield Property Partners BPY.N offered to buy the remaining shares in General Growth Properties Inc (GGP.N), adding to a large stake it purchased to bring the mall owner out of bankruptcy.
Schneider said he was surprised that Brookfield acquired Westinghouse, given that the company has no other nuclear businesses.
Westinghouse is one the world’s leading suppliers of nuclear fuel, and it provides some form of service to 80 percent of the world’s 450 commercial reactors, according to court records.”