An intergovernmental agency that reviews foreign acquisitions of U.S. assets for national security concerns approved a $5.4 billion bid by Japanese electronics maker Toshiba Corp. for Westinghouse Electric Co., according to a Treasury Department official on Monday. The Committee on Foreign Investment in the U.S. approved the transaction after issues of concern were resolved during an informal 30-day examination. The combination is expected to create the largest manufacturer of nuclear reactors. The CFIUS process came under a spotlight earlier this year after lawmakers became aware that Dubai-controlled DP World would acquire operations at six U.S. ports. DP World backed out amid the uproar. Ivan A. Schlager, partner at Skadden, Arps, Slate, Meagher & Flom LLP, represents Toshiba in Washington. He did not return calls. — Ron Orol
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