Nuclear alliance

GE and Hitachi have signed a formation agreement to proceed with previously announced plans to create a global alliance of their nuclear businesses.

Based on this agreement, GE and Hitachi will form cross-shareholding companies in US, Canada and Japan, subject to government approvals.

The alliance, when formally completed, will combine GE and Hitachi’s nuclear businesses to create one of the world’s foremost nuclear power plant and services operations.

The transaction, first announced in November 2006, is expected to close in the second quarter of 2007.