Hitachi to buy Horizon Nuclear

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Hitachi to buy Horizon Nuclear

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Hitachi said it would continue to pursue plans to build new nuclear power stations.

30 October,2012 01:48 pm

Japans Hitachi Ltd. says it has agreed to buy British atomic power company Horizon Nuclear Power Ltd. from its German owners for 696 million British pounds ($1.12 billion).The companies announced the deal Tuesday, ending months of uncertainty after the 50-50 owners of Horizon, RWE AG and E.ON AG, abandoned plans to build nuclear power plants in Britain.RWE and E.ON set up Horizon Nuclear Power in late 2009, before the nuclear accident at Japans Fukushima Dai-Ichi nuclear plant in March 2011 prompted many countries to re-examine plans to expand use of atomic power, and Germany to speed up phasing it out altogether.Hitachi said it would continue to pursue plans to build new nuclear power stations at Wylfa in Wales and Oldbury-on-Severn in southwestern England.