February 1, 2017 / 10:13 AM / 3 years ago

Japan's IHI mulling ways to avoid risks from Westinghouse writedown

TOKYO (Reuters) - Japan’s IHI Corp said it is considering ways to cope with a potential writedown on its investment in Westinghouse Electric Corp but denied a report that an IHI executive had said it was considering selling shares in Toshiba’s troubled U.S. nuclear unit.

IHI senior official Mikio Mochizuki told a news briefing an option to sell its 3-percent stake in Westinghouse could help the infrastructure company avoid a loss on a huge Westinghouse writedown that Toshiba is set to report this month.

Jiji Press earlier reported Mochizuki’s comments to mean IHI was considering a share sale.

Toshiba has said it will announce the amount of a loss it must book from Westinghouse, reported by Japanese media to be near 700 billion yen ($6.2 billion), in mid-February.

A Toshiba spokeswoman said the company did not have an immediate comment.

Reporting by Kentaro Hamada; Additional reporting by Makiko Yamazaki; Writing by William Mallard; Editing by Clarence Fernandez

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