$5bn bid for CBS imminent

A $5bn bid for the US broadcaster CBS by Westinghouse Electric could emerge as early as mid-week. "Meetings are scheduled for early in the week - possibly even Monday - and further substantial reports of a deal or formal offer should not be expected until the middle of the week", a source told Reuters over the weekend.

This week's talks would follow a six-hour meeting on Friday between Westinghouse chairman Michael Jordan and CBS chairman Laurence Tisch in New York. Banking sources said Westinghouse had received financing commitments for $2bn from Chemical Banking and JP Morgan & Co.