Also. . .

* The Justice Department will not challenge Siemens’ $1.5-billion acquisition of Westinghouse Power Generation from CBS Corp., the German company said. Siemens said companies involved in joint ventures with Westinghouse must still consent to the acquisition, which it expects will close within weeks.

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* Continental Airlines pilots have approved a five-year labor contract that would increase average pay by about 45% by Oct. 1, 1999, the union said. The contract is retroactive to Oct. 1, 1997, and covers 4,000 pilots at the nation’s fifth-largest airline.

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* The Delaware Supreme Court paved the way for financier Carl Icahn to gain control of Arvida/JMB Partners, one of the nation’s largest residential developers, and oust its management. The court ruled that the partnership units in Arvida that Icahn bought in recent years have voting rights. Icahn holds about a 26% stake and has said he expects to start a tender offer to gain at least 50% of the partnership’s units.