Reuters reported that Japan's Toshiba Corporation and Tokyo Electric Power will sell back their convertible debentures in Uranium One for USD 265 million after the Canadian uranium producer agreed to a buyout offer by a Russian miner.

The 2 companies, along with Japan Bank for International Cooperation will still have rights to buy as much as 2.5 million pounds of natural uranium a year from Uranium One from 2014 to 2025.

Russian state owned miner ARMZ is in the process of taking a controlling stake in Uranium One in exchange for stakes in 2 mines in southern Kazakhstan.

Nuclear power plant maker Toshiba, Asia's biggest utility TEPCO and state owned JBIC will sell back Uranium One's convertible debentures for CAD 271.79 million equal to 101% of the CAD 269.1 million they paid in January 2010. The companies originally owned rights to buy up to 20% of Uranium One's annual production.

(Sourced from Reuters)