Toshiba Corp. (6502.TO) is in talks with three parties about selling up to a 16% stake in Westinghouse Electric Co., in which it owns 67%, but intends to keep a controlling stake in the U.S. manufacturer of nuclear power facilities, Toshiba's president said Thursday.

The three parties "have made very good offers," President Norio Sasaki told Dow Jones Newswires. The parties include companies outside the U.S. , he added.

A strategic investment partner in Westinghouse worldwide would enable Toshiba to build a firmer footing for its nuclear power-plant business globally, as well as raise cash from such a stake sale.

Mr. Sasaki also said another 20% in Westinghouse that Shaw Group Inc. (SHAW) currently owns--but which Toshiba is set to acquire in January under the terms of a put option--may be purchased by Chicago Bridge & Iron Co. (CBI). However, Toshiba has received proposals from two other companies to buy the stake, he added.

In October, Shaw informed Toshiba it had exercised a put option to sell the 20% to Toshiba. Under the terms of the agreement, the purchase will close Jan. 4.

Chicago Bridge is in the process of purchasing Shaw after Chicago Bridge shareholders overwhelmingly approved the $3.04 billion acquisition earlier this month.
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