feb 6, 2006 - British Nuclear Fuels Ltd. on Monday finalized a deal to sell Westinghouse Electric Co. to Toshiba Corp. for $5.4 billion.
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Toshiba, of Japan, will hold a 51 percent stake in Westinghouse, which was founded in 1886 in Pittsburgh by George Westinghouse.
"We are pleased to be able to enter into a contract that will secure the maximum return on the British taxpayers' investment and cement the continued leadership of Westinghouse in the nuclear energy field through the stewardship of the Toshiba Corporation," BNFL CEO Mike Parker said in a statement.
The companies expect the transaction, which still needs approval from federal regulators, to be completed in six months.
Toshiba outbid General Electric Co. and Mitsubishi Heavy Industries Ltd.
https://www.bizjournals.com/pittsburgh/stories/2006/02/06/daily3.html
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