Trump team, wary of China, seeks friendly buyer for nuclear energy provider Westinghouse Electric
China has long been interested in the nuclear reactor builder, which filed for bankruptcy late last month
The Trump administration is so alarmed that Chinese investors may try to purchase Westinghouse Electric’s nuclear business that US officials are trying to find an American or allied buyer for the company instead, two people familiar with the matter say.
Cabinet members including Energy Secretary Rick Perry and Treasury Secretary Steven Mnuchin have discussed preventing Westinghouse’s purchase by a Chinese-linked company, three US officials said. The administration is preparing for Westinghouse to come up during President Donald Trump’s first meeting with Chinese President Xi Jinping at Trump’s Mar-a-Lago resort in Florida on Thursday and Friday, an official said.
For years, Chinese entities have been interested in Westinghouse, and the nuclear reactor builder has been a repeated target of Chinese espionage. Westinghouse filed for Chapter 11 bankruptcy protection on March 29 and its parent company Toshiba is seeking a buyer for its money-losing reactor business.
Trump administration officials and members of Congress are concerned the bankruptcy filing could allow a bid from an investment group with hidden Chinese backing, one of the officials said. All of the officials requested anonymity because of the sensitivity of the matter.
Among the chief concerns in the event of a Chinese purchase is the disclosure of nuclear technological secrets that could be used for either military or civilian purposes. The United States would almost certainly stop an open Chinese bid for majority ownership of Westinghouse’s nuclear business, a third official said. The government has legal authority to regulate corporate acquisitions involving sensitive national security technology.
