Fluor provides update on ownership of NuScale Class B shares on earnings call

On its earnings conference call, Fluor (FLR) provided an update on its ownership of NuScale (SMR) Class B shares. In the next few weeks, NuScale will convert 15,000,000 shares into Class A securities, which Fluor says is “positive” in returning value to shareholders. Fluor says it continues to be excited about its investments and the opportunities to deploy new scale technology in the power market. At the same time, Fluor says that with NuScale’s stock performance in the last few months, “we see it as increasingly difficult for the strategic buying community to consummate a transaction at fair value.” Fluor says it is “more embracing of a stock market-facing solution” which can be better accomplished with the conversion into A shares.