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. Last Updated: 07/27/2016

Deal to Buy Shipyard

LONDON -- The survival of Glasgow's ailing Govan shipyard looked assured Wednesday, at least in the short-term, after GEC's defense arm said it had agreed in principle to buy it from British-Norwegian owners Kvaerner.

Government ministers and shipworkers' unions hailed the deal, struck late Tuesday after 10 hours of talks.

Kvaerner issued 241 redundancy notices at the Scottish yard Monday but a total of about 1,200 jobs were at risk after it earlier rejected a pounds 1 million ($1.6 million) bid.