CBS narrows buyers to three

Article Abstract:

CBS Corp. has selected three companies to bid for the remaining operations of Westinghouse Electric, which include the Monroeville, OH-based nuclear energy and government operations divisions. The three final bidders are New Orleans, LA-based energy and construction conglomerate McDermott International Inc., and two consortiums headed by engineering firms Bechtel Group Inc. of San Francisco, CA, and Morrison Knudsen Corp. of Boise, ID. Bechtel and Morrison Knudsen are believed to have the ability to outbid McDermott, but sources say McDermott would be the best pick for job security because there is little overlap between McDermott and the last of Westinghouse's units.

Comment:

Selects 3 companies to bid for the remaining operations of Westinghouse Electric

Nonbuilding Construction, Highway, Street, Bridge, and Tunnel Construction, Industrial Nonbldg Constructn, Industrial Nonbuilding Structure Construction, All Other Miscellaneous Electrical Equipment and Component Manufacturing, Louisiana, Idaho, Nuclear Industrial Equipment, Construction industry, Heavy construction, Industrial construction, Electronic equipment, Westinghouse Electric Corp., Morrison Knudsen Corp., Bechtel Corp., McDermott International Inc.

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U.S. backs Siemns deal

Article Abstract:

CBS Corp.'s pending sale of its power generation division to Siemens A.G. of Germany for $1.5 billion has been cleared by the US Department of Justice and should close in the next few weeks. The sale was challenged by Sen. Ernest Hollings of South Carolina as well as others, who raised concerns that Siemens would get sensitive government-supported technology. The German company is expected to also obtain 190 of around 450 Westinghouse Science and Technology Center workers. The CBS unit, based in Orlando, FL, has 8,000 employees and it manufactures turbines and engines for conventional and nuclear-powered utilities and factories.

Comment:

Pending purchase of power generation division from CBS Corp for $1.5 bil has been cleared by US Department of Justice, US

Diversified Companies, Electric Utilities, Electric Power Generation, Transmission and Distribution, Foreign operations, Germany, Siemens AG

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Mylan buying Calif. concern

Article Abstract:

Mylan Laboratories Inc., a generic drug company based in Pittsburgh, PA, has announced it is planning to buy Penederm Inc., a Foster City, CA-based manufacturer of anti-fungal cream and other prescription skin-care products, via a deal valued at $205 million. The acquisition will expand Mylan Laboratories' product lines to include topical drugs for treating skin fungal conditions, acne and scabies. The deal also reflects a shift in Mylan Laboratories' focus from its generic drug business to propriety drug business.

Comment:

Plans to buy Penederm Inc via a deal valued at $205 million

Drugs & Pharmaceuticals, Pharmaceutical and Medicine Manufacturing, Pharmaceutical Preparation Manufacturing, Pennsylvania, Skin Treatment Preparations, Drugs, Mylan Laboratories Inc., Dermatologic agents, Penederm Inc.

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