Mitsubishi front running for Westinghouse

11 January 2006

Japan's Mitsubishi Heavy Industries (MHI) is expected to emerge as the winner in the sale of Westinghouse Electric by BNFL with a bid estimated at $2.5 billion.

Regulatory concerns remain to be resolved with some influential US players known to be sceptical with regard to foreign ownership of what are seen as strategic assets.

Although Mitsubishi and Westinghouse already have submitted a joint venture application to build a nuclear power plant in China, BNFL has dismissed reports regarding the MHI position, saying that a preferred bidder would be announced in the next month.

Westinghouse, which was put up for sale by UK state-owned BNFL in July 2005, is being divested in a Rothschild-run auction.

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