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SIEMENS WAIVES ITS RIGHT TO MATCH EATON DEAL WITH WESTINGHOUSE

 PITTSBURGH, Aug. 31 /PRNewswire/ -- Westinghouse Electric Corporation (NYSE: WX) today announced that Siemens A.G. of Germany has waived its right of first refusal to match the agreement by the Eaton Corporation (NYSE: ETN) to purchase the distribution and control business unit from Westinghouse.
 The right of first refusal was part of a 1989 contract under which Westinghouse supplies circuit breakers to Siemens for the European market.
 The waiver by Siemens clears the way for completion of the agreement between Westinghouse and Eaton, announced earlier this month, subject to government approval. The sale calls for a purchase price of $1.1 billion plus the assumption of certain liabilities.
 /delval/
 -0- 8/31/93
 /CONTACT: James P. Schmitt of Westinghouse Electric, 412-642-4642/
 (WX ETN)


CO: Westinghouse Electric Corporation; Siemens A.G.; Eaton Corporation ST: Pennsylvania IN: SU:

CD -- PG002 -- 7382 08/31/93 09:16 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
Words:145
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