Pittsburgh-based Allegheny International announced plans to cancel...

Pittsburgh-based Allegheny International announced plans to cancel a merger agreement with Donaldson, Lufkin & Jenrette, a New York securities firm, in favor of a deal to sell its core Oster-Sunbeam division to Towson, Md.-based Black & Decker Corp. for $260 million. The proposed sale is the centerpiece of an independent plan of reorganization that management intends to present in bankruptcy court, where creditors had backed the proposal from the securities firm. The Oster-Sunbeam division makes a range of small household appliances, including shavers, mixers and other kitchen appliances.