Japan’s Mitsubishi Heavy Industries Ltd. is currently leading the four bids for Pittsburgh-based Westinghouse, a lead supplier of nuclear plant technology. The current bid from Mitsubishi exceeds $2.5 billion, as cited by The Wall Street Journal.
The General Electric Co. joining forces with Cerberus, the Shaw Group and Toshiba complete the four top bidders for Westinghouse.
The acquisition would provide an open door to compete for China’s long-term plan to build as many as 27 nuclear power plants by 2020. Areva SA and Westinghouse are currently the principal contenders to win the contract for four new plants in China’s Zhejiang and Guangdong provinces.
China is the fastest-growing market for nuclear power, as it looks for alternatives to fossil fuels to meet their increasing demand for electricity.
As reported by Bloomberg.com and Reuters