Toshiba shares plummet

Posted online December 28, 2016 | 12:34 pm

Toshiba's shares dropped 20 percent Wednesday after company officials said they're expecting billions of dollars of losses from its takeover last year of a U.S. nuclear construction business.

"We're still figuring out the exact numbers, but it could reach up to several hundred billion yen," CEO Satoshi Tsunakawa told reporters.

Westinghouse, Toshiba's U.S. nuclear power subsidiary, last year bought CB&I Stone & Webster. The acquisition came amid Toshiba's struggles to recover from a $1.2 billion accounting scandal.

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