U.K.- U.S. venture to buy business from CBS Corp

Article Abstract:

CBS Corp. has divested itself of the remaining Westinghouse properties with the sale of a nuclear-power business and a government-operations unit to a joint venture of Morrison Knudsen Corp. of Boise, ID, and British Nuclear Fuels Ltd. of the United Kingdom for $238 million in cash and the assumption of some $950 million in debt. The two companies will create a new holding company to be based in Monroeville, PA, that will retain the Westinghouse Electric Co. name. Morrison Knudsen, which holds a 60% stake in the joint venture, will control three seats in the new company's five-person board. The president and chief executive of the new company will be Charles W. Pryor, who headed Westinghouse's industrial operations.

Comment:

Its joint venture with Morrison Knudsen Corp has acquired CBS Corp's nuclear-power business & a govt-operations unit

United Kingdom, Nonbuilding Construction, Highway, Street, Bridge, and Tunnel Construction, Joint ventures, Nuclear Energy Products, Nuclear Electric Power, All Other Basic Inorganic Chemical Manufacturing, Nuclear Electric Power Generation, Construction industry, Heavy construction, Nuclear energy, British Nuclear Fuels PLC, CBS Corp., Morrison Knudsen Corp.

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Excel reaches agreement to merge with Teleglobe

Article Abstract:

Teleglobe Inc. of Canada and Excel Communications Inc. of the US will combine their businesses in a planned more-than-$3.5-billion merger deal that will result to the creation of the fourth-largest long-distance provider in North America. The planned merger deal will create synergies between the retail and marketing operations of Excel and the network infrastructure of Teleglobe. The planned merger-of-equals deal between Teleglobe and Excel marks the newest development in the merger trend for the telecommunications business.

Comment:

Will combine its business w/ that of Teleglobe in a planned more-than-$3.5-bil merger deal

Canada, Long Distance Telephone Svc, Long distance telephone services, Teleglobe Inc., EXCEL Communications Inc.

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BellSouth launches bid to acquire Sprint

Article Abstract:

BellSouth Corp. has begun an effort to acquire Sprint Corp. The move is an attempt by BellSouth to prevent MCI WorldCom Inc. and Sprint from merging. BellSouth's offer is valued at approximately $72 billion (67.05 billion euros). This includes a premium for Sprint's cellular division but does not include the value of the division's stock. WorldCom's offer is valued at approximately $65 billion.

Telephone Communications, Mergers, acquisitions and divestments, Telecommunications services industry, Telecommunications industry, Telephone services, Abstract, BellSouth Corp., Sprint Corp., MCI Inc.

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