The families remained tight-lipped for almost two years about negotiations on the carve-up. Eventually, on 22 April 1996, Transfield issued a media statement announcing the break-up of its defence, construction and technology empire into two organisations, with the Belgiorno-Nettis family retaining the name Transfield.
Under the terms of the split, the Salteris took the Williamstown Shipyard and defence contracts, renaming their new enterprise Tenix, while the Belgiorno-Nettis family retained property development, engineering, infrastructure, maintenance and construction.
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