Toshiba flags hit of ‘billions of dollars’ on US nuclear acquisition…

Toshiba flags hit of 'billions of dollars' on US nuclear acquisition Published: December 28, 2016 ­ 10:38AM Toshiba Corp said it may have to book several billion dollars in charges related to a US nuclear power plant construction company acquisition, sending its stock tumbling 12 per cent and rekindling concerns about its accounting acumen. The Japanese group said cost overruns at US power projects handled by the CB&I Stone & Webster Inc business it acquired last December from Chicago Bridge & Iron Company NV (CB&I) would be much greater than initially expected, potentially requiring a huge writedown. Toshiba's announcement came as its Westinghouse Electric Company subsidiary is engaged in a legal and accounting row with CB&I, which has argued in court that it expected a relatively small payment from Westinghouse of only $US161 million ($224 million) when the deal closed on the understanding that the latter was taking on a challenged business. Toshiba's latest writedown would be another slap in the face for a sprawling conglomerate hoping to recover from a $US1.3­billion accounting scandal, as well as a writedown of more t





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