U.S. gives Siemens OK to buy Westinghouse unit

June 13, 1998|By BLOOMBERG NEWS

ERLANGEN, Germany -- Siemens AG said yesterday that it has been told by the U.S. Department of Justice that the government won't challenge its $1.5 billion acquisition of Westinghouse Power Generation from CBS Corp.

The German Cartel Office made the same finding in April. Though both governments have approved the plan, Siemens said companies involved in joint ventures with Westinghouse must consent to the acquisition.

Final purchase papers will likely be signed in "the coming weeks," Siemens said.

Siemens agreed in November to buy Westinghouse's conventional power-generation unit, which makes turbines, reactors and control systems for power companies. Siemens balked at buying Westinghouse's nuclear power division because it competes with Siemens in Germany.

Siemens expects to benefit from Westinghouse's stronger presence in the United States.

Pub Date: 6/13/98

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