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LucasVarity has agreed a £4bn takeover by TRW, but Federal-Mogul is also interested in acquiring the Anglo-American car components group.

LucasVarity has sold its heavy vehicle braking systems division to Meritor Automotive of the US for £235m, and the proceeds will be used on further acquisitions.

LucasVarity has sold two starter motor and alternator businesses, with plants in London, Argentina and South Africa, to Prestolite Electric of Michigan for an initial £25m.

Caterpillar of the US is to acquire the Perkins diesel engine business from LucasVarity for £800m, which will enable LucasVarity to make acquisitions in the aerospace and automotive sectors.

DT Industries of the US is acquiring Lucas Assembly and Test System from LucasVarity for £30m, as part of LucasVarity's programme to dispose of 13 non-core businesses.

Lucas Aerospace, the LucasVarity division, has bought Smiths Industries' engine controls business for undisclosed terms.