Toshiba's (TOSYY) Westinghouse unit has its sights set on Saudi Arabia.
Westinghouse, the failed Toshiba-owned nuclear power company, has caused the Japanese electronics giant to cover a negative equity shortfall that threatens it with delisting next year.
But now shares of Toshiba were climbing over 5% during mid-morning trading on Tuesday.
A report on Tuesday from Reuters says that Westinghouse is in discussions with other U.S.-based firms to organize a consortium to bid in a multi-billion-dollar tender for two nuclear power reactors in Saudi Arabia.
Saudi Arabia sent a request for information last month to reactor builders around the globe, marking the first step in opening a formal tender, the intent is that it can use atomic power to generate electricity within the country allowing it to export more crude, the report added.
Being a part of the tender would be a significant milestone for Westinghouse after it went into chapter 11 bankruptcy this year.
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