Mitsubishi Heavy Industries (MHVYF.PK +1%) bucks the weakness in Japanese markets after winning a $22B Turkish nuclear-power-plant contract along with France's Areva (ARVCY.PK). The team will build four Atmea1-type pressurized water reactors with a combined output of 4.5M kilowatts. Construction is to begin in 2017, with the first reactor coming on line by 2023.
Japan will ease some restrictions on weapons exports and allow them for international projects, following up on a proposal made last year. The move stands to benefit suppliers in the civilian aerospace industry such as Mitsubishi Heavy Industries (MHVYF.PK), Toray Industries (TRYIY.PK) and Kawasaki Heavy Industries (KWHIY.PK).
Talks between Hitachi (HIT) and Mitsubishi Heavy (MHVYF.PK) about a tie-up are reportedly in danger of collapsing, as Hitachi wants a full merger while Mitsubishi prefers to combine selected businesses. A total merger would create an infrastructure company with revs of $150B a year. (previous)
Sources say Hitachi (HIT -4.8%) and Mitsubishi Heavy (MHVYF.PK) are discussing merging some of their ops despite officials denying the talks even after Hitachi's president said on TV a deal was in the works. The negotiations almost stalled following the media reports of the discussions. (previous)
Nikkei reports Hitachi (HIT +5.3%) and Mitsubishi Heavy Industries (MHVYF.PK) are set to announce the beginning of talks aimed at a merger. The combination would create one of the world's largest infrastructure companies.
Mitsubishi Heavy Industries (MHVYF.PK) seeks damages from General Electric (GE) possibly in excess of $1B, accusing GE of scheming to monopolize the U.S. market for variable-speed wind turbines, citing among other things "sham" litigation filed by GE to stymie competition.