Hitachi reportedly to buy UK nuclear reactor venture Horizon

TOKYO — Japanese engineering giant Hitachi is set to buy Horizon, a joint venture planning to build nuclear reactors in Britain, in a deal valued at 50 billion yen ($628 million), reports said Saturday.

The Japanese firm has nearly finalised an agreement with the firm’s German owners, RWE and E.ON, the Asahi Shimbun newspaper said without citing sources.

Hitachi is seeking to expand its nuclear power business overseas after the Fukushima nuclear accident last year effectively wiped out demand for new reactors in Japan, Kyodo News said.

Hitachi has teamed up with Canadian engineering firm SNC-Lavalin to make the bid, which is said to be stronger than a rival bid by U.S.-based Westinghouse, controlled by Japan’s Toshiba, the Nikkei newspaper said.
[link to www.japantoday.com]
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