British Aerospace took a major step toward...

British Aerospace took a major step toward the consolidation of the European defense industry with an agreement to take over Siemens’ defense electronics businesses. Siemens did not give the total sale price for its SI defense electronics group, but sources told Reuters the company would take in about $695.5 million for the unit. . . . The House Commerce Committee voted by a 33-11 margin to approve a compromise bill for revamping the nation’s financial laws, but its chairman conceded the measure still has a long way to go before enactment. Two competing versions of the legislation, which would allow banks, securities firms and insurance companies to get into each other’s businesses, are now before the House. . . . Starwood Capital Group of Greenwich, Conn., and Ceruzzi Properties of Westport, Conn., said they formed a company to buy and develop shopping center properties throughout the U.S. Starwood Capital, a real estate fund headed by financier and hotel mogul Barry Sternlicht, brings capital and industry contacts to the new company. Closely held Ceruzzi will contribute 5 million square feet of space and be responsible for development. The two said they plan to take the company public as a real estate investment trust once they increase assets by $1 billion. . . . Rio Hotel & Casino Inc. will spend about $750 million to develop 43 acres next to its Rio Suite Hotel & Casino, more than doubling the number of rooms at the Las Vegas site to 5,500. The company later will build a 3,000-room hotel and casino next to the existing hotel.