London, UK, Jan. 27, 2006 — The board of directors of British Nuclear Fuels plc (BNFL) confirmed Toshiba Corp. as the preferred bidder for Westinghouse Electric Co., paving the way for what BNFL CEO Mike Parker predicted will be a “smooth, expeditious” sale.
Toshiba offered the highest bid for Westinghouse.
“This was a straightforward decision due to the strength of Toshiba’s bid, and the care BNFL has taken to ensure every potential concern is addressed responsibly,” Parker said.
“Toshiba offered not only the highest price but also the best value, making this the clear-cut best result for our business, for our employees and for the British taxpayers,” BNFL Board Chairman Gordon Campbell said.
Toshiba is now engaged in additional due diligence, examining Westinghouse’s business records as a formal step toward a final contract, which the parties hope to sign next month.