South Korea’s Ministry of Trade, Industry and Energy denied on Aug. 24 a report that the United States had proposed a Korean purchase of equity in Westinghouse Electric, calling the alleged joint investment plan "not true." The response came after The Korea Economic Daily, citing an unnamed official, reported that Washington had suggested Korean investment in Westinghouse as a way to resolve a long-running intellectual property dispute and help clear a path for Korean companies to enter the U.S. large reactor market. The report also mentioned a possible $200 billion bilateral strategic investment fund as a financing mechanism. Westinghouse Electric is currently owned 51% by Brookfield Asset Management and 49% by Cameco Corporation. In January this year, Westinghouse and Korea Hydro & Nuclear Power reached a settlement over intellectual property issues, an agreement that had been seen as an important step for Korean companies seeking to expand in the international reactor market.
South Korea’s Ministry of Trade, Industry and Energy denied on Aug. 24 a report that the United States had proposed a Korean purchase of equity in Westinghouse Electric, saying the alleged joint investment plan was "not true."
The denial followed a report by The Korea Economic Daily, which cited an unnamed official as saying Washington had suggested Korean investment in Westinghouse to address a long-running intellectual property dispute between the two sides and help open the way for Korean companies to enter the U.S. market for large reactors.
That report also referred to a $200 billion bilateral strategic investment fund as a possible financing mechanism.
Westinghouse Electric is currently owned 51% by Brookfield Asset Management and 49% by Cameco Corporation.
In January this year, Westinghouse and Korea Hydro & Nuclear Power reached a settlement on intellectual property issues. The agreement was viewed as an important development for Korean companies looking to expand in the international reactor market.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
