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Article: BNFL buys ABB's nuclear-fuels operations for $485m
- Article from:
- The Independent (London, England)
- Article date:
- December 30, 1999
- Author:
CopyrightCopyright 1999 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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BRITISH NUCLEAR Fuels (BNFL), the UK's state-owned nuclear-fuel
processor, yesterday reclaimed at least a share of the top spot in
the world's nuclear industry when it agreed to buy the worldwide
nuclear fuels business of Swiss energy giant ABB for $485m (pounds
303m).
The deal comes nine months after BNFL bought Westinghouse of the
United States for pounds 750m, and strengthens its position ahead of
the group's expected pounds 1.5bn London stock market flotation,
probably next year. The ABB purchase is being financed from
internally generated funds.
Last July Stephen Byers, the Secretary of State for Trade and
Industry, announced that BNFL would become the Labour government's
first ...