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WESTINGHOUSE DISCONTINUES TALKS WITH GE CAPITAL

 PITTSBURGH, Jan. 15 /PRNewswire/ -- Westinghouse Electric Corporation (NYSE: WX) today announced that it has discontinued talks with GE Capital for the acquisition of certain assets of Westinghouse Financial Services Inc. (WFSI).
 Although the values under discussion were consistent with our expectations in setting the APB 30 reserve, agreement could not be reached on overall terms and conditions. We are confident that we will achieve the liquidations and values contained in the plan we announced last November. During the fourth quarter Westinghouse realized almost $600 million of proceeds from asset sales, over half of which was from Corporate Capital assets, at prices significantly greater than its reserved value. Westinghouse has retained Morgan Stanley as advisor for the disposition of its real estate portfolio. Morgan Stanley believes that substantially more value should be realized by a program of individual and small pool sales than the sale to GE Capital would have created.
 "Numerous parties have expressed interest in Westinghouse Financial Services," said Robert A. Watson, WFSI chairman. "We have confidence in our ability to continue to move forward with our previously announced plan of orderly asset sales to exit the financial services business."
 -0- 1/15/93
 /CONTACT: Jay A. McCaffrey of Westinghouse Electric, 412-642-3366/
 (WX)


CO: Westinghouse Electric Corporation; GE Capital; Westinghouse
 Financial Services Inc. ST: Pennsylvania IN: FIN SU:


CD -- PG014 -- 5436 01/15/93 14:52 EST
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Publication:PR Newswire
Date:Jan 15, 1993
Words:228
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