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Treasury Secretary James Baker said
he hopes yesterday's small increase in two major money center
banks' prime rate was a temporary phenomenon.
"I hope it was a temporary blip upward," he told a House
Appropriations subcommittee.
He said the decline in interest rates since President
Reagan took office remains "one of the significant
accomplishments, in the economic area, of this administration."
Reuter
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Delta Air Lines Inc said it completed
the acquisition of Western Air Lines Inc this morning.
The action follows U.S. Supreme Court Justice Sandra Day
O'Connor's overnight granting of Delta and Western's request to
stay an earlier injunction against the deal issued by the U.S.
Court of Appeals for the Ninth Circuit.
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Shr loss 34 cts vs loss 2.14 dlrs
Net loss 2,275,000 vs loss 9,560,000
Revs 17.0 mln vs 19.9 mln
Year
Shr loss 49 cts vs loss 2.11 dlrs
Net loss 2,661,000 vs loss 9,283,000
Revs 73.5 mln vs 93.6 mln
NOTE: Results have been restated to reflects equity
investment in WellTech Inc for one month ended Dec 31, 1986 and
its investment in American Well Servicing for the 11 months
ended Nov 30, 1986 and full year 1985.
1986 and 1985 net include loss of 3,512,000 dlrs and
5,944,000 dlrs, respectively, for equity in WellTech and
predecessor operations.
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Oper shr loss 1.99 dlr vs loss 4.88 dlrs
Oper net loss 29.1 mln vs 70.8 mln
Revs 34.8 mln vs 84.8 mln
NOTE: 1986 and 1985 oper net excludes a loss of 5.5 mln
dlrs or 37 cts a share and 64.6 mln dlrs or 4.43 dlrs a share,
respectively, for discontinued operations.
1986 net also excludes a gain of 66.4 mln dlrs or 4.50 dlrs
a share for credit on debt restructuring.
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Shr loss 72 cts vs loss 1.57 dlr
Net loss 1,526,359 vs loss 3,315,834
Revs 8,032,798 vs 7,276,517
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Semi div three cts vs three cts prior
Pay June 12
Record May 15
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The Federal Home Loan Bank Board
adjusted the rates on its short-term discount notes as follows:
MATURITY NEW RATE OLD RATE MATURITY
30-123 days 5.00 pct 5.00 pct
30-123 days
124-150 days 5.90 pct 5.93 pct 124-150 days
151-349 days 5.00 pct 5.00 pct 151-349 days
350-360 days 5.96 pct 5.98 pct 350-360 days
Reuter
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Shr two cts vs 29 cts
Net 23,000 vs 338,000
Revs 20.2 mln vs 21.5 mln
Six mths
Shr 64 cts vs 97 cts
Net 741,000 vs 1,113,000
Revs 43.2 mln vs 44.3 mln
NOTE: 1986 2nd qtr and six mths ended March one.
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Diamond Shamrock Corp, which will split
this month into two separate companies, expects to show
improved earnings in 1987 over last year, executives of the new
company told Reuters.
Charles Blackburn, president and chief executive officer of
Diamond Shamrock and the new company, which will emphasize
exploration and production, said, "Earnings wil be better than
in 1986." He declined to say how much better.
In 1986 Diamond Shamrock reported a loss of 115.6 mln dlrs
on total revenues of 2.543 billion dlrs. Exploration and
production lost 18.5 mln dlrs on revenues of 593.5 mln dlrs.
Roger Hemminghaus, Diamond Shamrock vice president and
soon-to-be chief executive of the spin-off Diamond Shamrock
Refining and Marketing Co, said, "Refining and marketing is a
margin business. The margins will return and this will be a
better year than 1986."
In 1986, refining and marketing showed operating profits of
40.1 mln dlrs on revenues of 1.636 billion dlrs.
"We are also expecting to be in the black in the first
quarter (1987)," Heminghaus added. In the first quarter of 1986,
the refining and marketing segment showed a loss of 27.1 mln
dlrs on revenues of 492.1 mln dlrs.
The executives were in New york for meetings with
institutional investors aimed at increasing interest in the
company's stock.
On the New York Stock Exchange, Diamond Shamrock was
trading at 16-1/4, down 1/4.
Earlier this year, T. Boone Pickens offered 15 dlrs a share
for Diamond Shamrock, and management countered with an offer at
17 dlrs and a decision to split off the refining and marketing
operation to its shareholders.
"Our advisors convinced us the market would give higher
multiples for pure plays," Blackburn said.
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VMS Strategic Land Trust said it
delcared an initial quarterly cash dividend of 30 cts a share,
payable May 15 to shareholders of record April 20.
The company also said that effective today it will be
trading on the NASDAQ system under the symbol <VLANS>.
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Equicor, Equitable HCA Corp,
said that the company will likely attain revenues in excess of
two billion dlrs in its first year of operations.
The company, created last October with initial equity of
400 mln dlrs, is owned equally by the Equitable Life Assurance
Society of the U.S. and Hospital Corp of America <HCA>.
Financial results for the first six months of the company's
operations were not disclosed. Equicor provides employee group
plans to 1,500 corporations nationwide. It said it aims to
double its marketshare in five years from the about 3.5 pct of
the employee benefits industry it controls.
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MacAndrews and Forbes Group Inc said it
began an 18.50-dlr-a-share cash offer for all common stock of
Revlon Group Inc it does not already own.
The offer, which is being made by a wholly owned
subsidiary, Revmac Acquisition Corp, is subject to financing
and at least 28.5 mln shares being tendered, the company said.
MacAndrews and Forbes, wholly owned by Ronald Perelman,
chairman of Revlon Group, held about 31.8 pct of the voting
power of Revlon as of March 27, a spokesman said. The stake
includes about 15.1 pct of Revlon common and 95 pct of its
series A preferred stock, he said.
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Atlantic Richfield Co's stock rose
sharply after analyst Eugene Nowak of Dean Witter Reynolds Inc
raised his earnings estmates of the company, traders said.
ARCO jumped 1-3/4 to 81-3/4.
Nowak said that based on an average oil price of 17 dlrs a
barrel in 1987, the company should earn about 4.50 dlrs a
share. Next year, based on an average oil price of 18 dlrs a
barrel, ARCO should earn about five dlrs a share. The company
earned 3.38 dlrs a share in 1986. "If oil prices should rise to
an average of 20 dlrs a barrel," he said, "ARCO could record
earnings of 6.50 dlrs a share.
Nowak said his increased estimates come after the company
told analysts yesterday that its first quarter earnings will
comfortably cover its quarterly dividend requirement of one dlr
a share.
Nowak said, "The company has done an outstanding job
reducing expenses, and ARCO is poised to generate greater
earnings power." He said first quarter earnings will likely
exceed the company's expectations stated yesterday and be in
the 1.15-1.20 dlr-a-share range.
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The U.S. Has been promised a near
monopoly of maize exports to Spain from third countries
guaranteed under an agreement with the European Community, an
EC official said.
The official, who asked not to be named, told Reuters that
the guarantee was given in an unpublished clause of the
agreement.
Under the accord, which began in January, third countries
were guaranteed access for the next four years for two mln
tonnes a year of maize to the Spanish market, as well as
300,000 tonnes of sorghum.
However, the official said the U.S. Had been assured that
almost all the exports would be reserved for its traders.
The EC Commission is to ask member states to agree either a
tender system to fix reduced import levies for the maize or to
authorise direct imports by the Spanish intervention board.
EC sources noted that under a tender system maize from
outside the U.S. Would sometimes be offered on more favourable
terms than that from the U.S.
No Commission spokesman was immediately available for
comment.
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Deak International, a foreign currency
and precious metals firm, announced the acquisition of Johnson
Matthey Commodities of New York from Minories Finance Limited,
a unit of the Bank of England.
The purchase valued at 14.8 mln dlrs follows the recent
acquisition of London's Johnson Matthey Commodities Limited,
Deak said.
The New York firm will be known as Deak International
Trading Ltd, the company said.
Arkadi Kuhlmann, president and chief executive officer of
Deak International said the purchase will expand Deak's
operations into the precious metals and wholesale non-ferrous
metals trading arenas.
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Purolator Courier Corp stock jumped
5-3/8 on a 40 dlr per share takeover offer from Emery Air
Freight Corp <EAF>, traders said.
Purolator was trading at 40-1/4, 1/4 above the offer price.
The Emery offer tops a 35 dlr per share buyout agreement E.F.
Hutton LBO Inc reached with Purolator February 27.
That offer was to have expired today. Neither Hutton nor
Purolator had any immediate comment.
"There's probably some speculation out there that there
might be another offer," said one analyst.
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Total corn sales by Argentina to the
Soviet Union are only 1.5 to 1.8 mln tonnes, with delivery
spread out from March to June, the U.S. Agriculture
Department's Counselor in Buenos Aires said in a field report.
The report, dated March 27, said many sources have stated
that the Soviet Union was initially interested in purchasing
2.3 mln tonnes lof corn from Argentina.
However, Soviet purchases from the United States have
tended to displace additional Argentine purchases, the report
said.
The USDA has to date reported USSR purchases of 2.6 mln
tonnes of U.S. corn for delivery in the current U.S.-USSR grain
agreement year, which ends this September 30, it said.
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Barnes Group said it expects
sales and net income for 1987 will be up slightly over 1986.
Without supplying specific figures, Barnes told
shareholders at its annual meeting it expected net income to
improve at a rate exceeding its growth in sales, which was two
pct higher than 1985.
The company said it recorded income from continuing
operations of 16.6 mln dlrs, or 2.57 dlrs per share, on sales
of 440 mln dlrs in 1986. It said it recorded income from
continuing operations of 16.4 mln dlrs, or 2.27 dlrs per share,
in the previous year.
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SHr two cts vs one cts
Net 116,843 vs 41,400
Revs 17.3 mln vs 12.3 mln
Nine months
SHr 15 cts vs 10 cts
Net 639,448 vs 301,000
REvs 37.6 mln vs 35.8 mln
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Shr seven cts vs 10 cts
Net 127,000 vs 168,100
Revs 2,807,400 vs 3,042,900
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Mthly div 15 cts vs 15 cts prior
Pay April 30, May 29, June 24
Record April 15, May 15, June 10
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Qtly div class A two cts vs two cts prior
Qtly div class B one ct vs one ct prior
Pay April 17
Record April 10
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Deak International, a foreign currency
and precious metals firm, announced the acquisition of Johnson
Matthey Commodities of New York from Minories Finance Limited,
a unit of the Bank of England.
The purchase valued at 14.8 mln dlrs follows the recent
acquisition of London's Johnson Matthey Commodities Limited,
Deak said.
The New York firm will be known as Deak International
Trading Ltd, the company said.
Arkadi Kuhlmann, president and chief executive officer of
Deak International, said the purchase will expand Deak's
operations in the precious metals and wholesale non-ferrous
metals trading arenas.
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Institute of International Finance
Managing Director Horst Schulmann said that his orgnaization
has been forecasting further declines of interest rates in the
first half this year and then a levelling off and there is no
reason to change that.
Speaking to reporters, the bank research group said that
the increase in interest rates announced yesterday and other
activity in the foreign exchange markets did not indicate a
fundamental change in the outlook.
Schulmann, speaking broadly about the global debt problem,
said that the International Monetary Fund should increase its
assistance to third world countries.
The remarks come just before next week's meeting of the
IMF's Interim Committee and the Joint Development Committee of
the IMF and World Bank.
In a letter to the committee's, the bank group said,
"Commercial banks cannot be the dominant supplier of balance of
payments finance."
Schulmann said that IMF exposure peaked in 1985 and has
declined a bit since then.
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Shr loss 58 cts vs loss nil
Net loss 2.9 mln vs loss 17,818
Revs 5.0 mln vs 7.4 mln
Year
Shr loss 45 cts vs profit four cts
Net loss 2.0 mln vs profit 174,562
REvs 28.5 mln vs 25.2 mln
NOTE:1986 4th qtr loss includes loss of 2.2 mln dlrs from
discontinuance of operations. 1985 4th qtr includes loss of
79,395 dlrs from discontinued operations.
1986 4th qtr includes 3.5 mln dlr provision for costs
anticipated in connection with disposal of division and 500,000
dlrs in adjustments related to write-downs. 1985 4th qtr
includes gain of 178,000 dlrs for exchange of telephone
inventory for barter credits.
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Shr loss 16 cts vs profit 23 cts
Net loss 97,600 vs profit 91,980
Revs 302,745 vs 359,699
Avg shrs 621,036 vs 388,536
Year
Shr profit seven cts vs profit 36 cts
Net profit 36,400 vs profit 140,980
Revs 1,610,286 vs 763,071
Avg shrs 512,235 vs 388,536
Note: Year-ago net includes extraordinary gains of 33,654
for qtr and 42,654 for the year.
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Shr loss 15 cts vs profit nil
Net loss 392,428 vs profit 1,255
Revs 6,371,092 vs 3,031,091
Avg shrs 2,544,000 vs 1,440,000
Year
Shr loss 13 cts vs profit seven cts
Net loss 274,951 vs profit 100,534
Revs 18.1 mln vs 10.8 mln
Avg shrs 2,072,153 vs 1,440,000
Reuter
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Ten grain ships were loading and 18
were waiting to load at New Orleans elevators, trade sources
said.
ELEVATOR LOADING WAITING
Continental Grain, Westwego 1 3
Mississippi River, Myrtle Grove 2 0
ADM Growmark 1 4
Bunge Grain, Destrehan 1 0
ELEVATOR LOADING WAITING
ST CHARLES DESTREHAN 1 3
RESERVE ELEVATOR CORP 0 1
PEAVEY CO, ST ELMO 1 2
CARGILL GRAIN, TERRE HAUTE 1 4
CARGILL GRAIN, PORT ALLEN 1 0
ZEN-NOH 1 1
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J.C. PEnney Co Inc said it signed a
letter of intent to acquire one mln shares, or a 20 pct equity
interest, of Beeba's Creations Inc <BEBA> for 18.75 dlrs a
share.
Penney said the agreement also calls for Beeba's, a major
supplier of junior sportswear, to work with Penny in the
establishment of junior specialty shops to be created in about
100 Penney stores in early 1988.
Freestanding stores are also being planned, the company
said. Beeba's will be the principal source of merchandise to
the shops, it said.
For the six months ended February 28, Beeba's reported net
income of 1.2 mln dlrs on sales of 39.4 mln dlrs.
Penney said it will establish an independent merchandising
and marketing organization to manage and support the shops
which will be staffed by personnel both from within and outside
the company.
The company said the new agreement would have no impact on
its current supplier base and it will continue to work with as
braod base of suppliers of junior sportswear as it does in its
other merchandise areas.
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Calls for a cut in Austrian interest
rates have grown in recent days but bank chiefs are divided
over the issue.
Karl Vak, General Director of the Zentralsparkasse und
Kommerzialbank, Wien, called today for a cut of up to half a
percentage point in interest rates across the board. But Hannes
Androsch, head of Creditanstalt-Bankverein <CABV.VI> told
Reuters he opposed a cut because it would hurt small savers.
Vak told a news conference that last January's cut in
lending rates for commercial customers and for all depositors
by a quarter point had been insufficient.
The January cut followed the National Bank's lowering of
its discount and Lombard rates by half a point in line with a
similar Bundesbank move. Prime lending rate is now 8.75 pct and
deposit rates vary between 3.25 and 5.75 pct.
Yesterday Hellmuth Klauhs, head of the Genossenschaftliche
Zentralbank AG, said rates could fall at least a quarter of a
point, or even half a point if German rates dropped further.
Vak noted that inflation had fallen below one pct. A
widening gap between Austrian rates and cheaper West German
credit along with forecasts of slow Austrian economic growth
this year also justified a further interest drop, he said.
Karl Pale, head of Girozentrale und Bank der
oesterreichischen Sparkassen AG [GIRV.VI] has also called for
lower deposit rates but said lending rates should remain
unchanged at the moment. Interest margins were too small,
particularly when compared with other West European countries.
But Hans Haumer, head of the Erste Oesterreichische
Spar-Casse-Bank told Reuters that no cut should be made unless
West German rates came down first.
Banking sources said no bank seemed ready to lower rates
alone and supporters of a cut would have difficulty overcoming
opposition from Creditanstalt, Austria's biggest bank.
REUTER
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Shr 81 cts vs 63 cts
Net 16,900,000 vs 13,100,000
Revs 152.5 mln vs 118.1 mln
Year
Shr 2.59 dlrs vs 1.85 dlrs
Net 53,700,000 vs 38,100,000
Revs 526.3 mln vs 404.3 mln
NOTE: Prior year earnings reflect a three-for-two stock
split distributed in May, 1986
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Peripheral Systems Inc said it
agreed in principle to acquire the outstanding shares of
<Nucell Inc>.
The agreement calls for an exchange of one share of
Peripheral for each share of Nucell, subject to approval by
both companies' boards, it said.
Peripheral said its increased involvement in the
development of Nucell's nuclear battery technology made the
merger practical.
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Manufacturers National Corp's
Manufacturers Bank-Wilmington said it increased the interest
rate on its no-fee variable rate MasterCard to 13.6 pct from
13.3 pct.
The new interest rate applies to the second quarter. The
rate on the card is set quarterly.
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First Chicago Corp's American National
Bank unit said it completed the acquisition of four suburban
Chicago banks with combined assets of about 231 mln dlrs.
The banks are National Bank of North Evanston, Elgin
National bank, First National Bank of Schiller Park and
Merchants and Manufacturers State Bank in Melrose Park.
American National now owns nine banks.
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Centerre Bancorp said it completed the
acquisition of Benefit Plan Services Inc, Maryland Heights,
Mo., which specializes in designing and administering small and
moderately sized pension plans.
Terms were not disclosed.
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Shr two cts vs two cts
Net 69,831 vs 107,773
Revs 1,068,905 vs 2,401,518
Six mths
Shr three cts vs three cts
Net 129,649 vs 155,089
Revs 2,673,141 vs 4,666,104
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Bankers Trust Co said it has raised its
prime lending rate to 7-3/4 pct from 7-1/2, effective
immediately.
This move is the latest in a series of similar actions by
leading U.S. money center banks, including Citibank NA and
Chase Manhattan Bank NA, over the last 24 hours.
AmeriTrust Corp of Ohio also raised its prime lending rate
to 7-3/4 pct from 7-1/2, effective tomorrow.
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Boatmen's Bancshares said its
Boatmen's National Bank raised the prime rate to 7-3/4 pct from
7-1/2 pct, effective immediately.
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<Union Enterprises Ltd> said holders of
7.2 mln or 80 pct of its class A series one preferred shares
requested to retract their shares under terms of the issue,
thus raising <Unicorp Canada Corp>'s voting stake in Union to
58 pct from 50.
Union said it paid about 90 mln dlrs on April 1 for the
retraction, using existing credit lines.
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Oper shr 20 cts vs eight cts
Oper net 1,869,000 vs 957,000
Revs 41.0 mln vs 22.9 mln
Year
Oper shr 52 cts vs 53 cts
Oper net 5,386,000 vs 5,147,000
Revs 116.8 mln vs 98.3 mln
Note: Oper excludes extraordinary reserves related to
arbitration of Iranian claims of 2,062,000 vs 3,200,000 for qtr
and year.
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First Wisconsin National Bank said it
has raised its prime rate to 7-3/4 pct from 7-1/2 pct,
effective today.
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Unit distribution one dlr vs 1.75 dlrs prior
pay June one
Record May one
Note: Prior distribution declared in April 1986.
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Shr loss 53 cts vs loss 55 cts
Net loss 3,865,000 vs 3,963,000
Revs 24.2 mln vs 26.8 mln
Year
Shr loss 1.21 dlrs vs profit 56 cts
Net loss 8,758,000 vs profit 4,040,000
Revs 108.5 mln vs 113.8 mln
Note: Prior qtr figures include income from discontinued
operations of 10,000 dlrs, gain on disposal of discontinued
operations of 269,000 dlrs, or four cts per share, and
operating loss carryforward gain of 936,000 dlrs, or 13 cts per
share.
Prior year figures include income from discontinued
operations of 164,000 dlrs, or two cts per share, gain on
disposal of discontinued operation of 3.9 mln dlrs, or 54 cts
per share, and operating loss carryforward gain of 3.7 mln
dlrs, or 48 cts per share.
Reuter
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Qtly div 25 cts vs 25 cts prior
Pay June one
Record May 15
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U.K. Chancellor of the Exchequer Nigel
Lawson said he wanted sterling to stay roughly where it was,
specifying a rate of around 2.90 marks and 1.60 dlrs.
He told the National Economic Development Council that the
recent Paris meeting of major industrialised nations had agreed
on the need for exchange rate stability. There was now a
"reasonable alignment of currencies" and the U.K. Government
intended to keep sterling at about its present level, he said.
That meant around 2.90 marks, which is the single most
important rate to concentrate on, and 1.60 dlrs, Lawson said.
His disclosure of two of the key targets for sterling was
highly unusual, foreign exchange market analysts said.
In the past he has preferred to be less definite about the
Government's exchange rate policy, lest it give foreign
exchange markets set limits to test.
Lawson told the committee, which is a tripartite forum of
government, unions and industry, that the pound would be kept
near its present level by a mixture of interest rates and
intervention in the foreign exchange markets.
The pound finished trading here today at 1.6040/50 dlrs and
2.9210/45 marks.
His disclosure of two of the key targets for sterling was
highly unusual, foreign exchange market analysts said.
In the past he has preferred to be less definite about the
Government's exchange rate policy, lest it give foreign
exchange markets set limits to test.
Lawson told the committee, which is a tripartite forum of
government, unions and industry, that the pound would be kept
near its present level by a mixture of interest rates and
intervention in the foreign exchange markets.
The pound finished trading here today at 1.6040/50 dlrs and
2.9210/45 marks.
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The new interest rate of 7/8 pct over
Libor on Venezuelan public sector debt payments goes into
effect today, Finance Minister Manuel Azpurua said .
Azpurua told reporters yesterday the reduction from the
previous margin of 1-1/8 pct above Libor will save the country
some 50 mln dollars in debt servicing.
The new rate is among changes agreed last month to the 20.3
billion dlr public sector debt rescheduling. Under the new
agreement, Venezula was also able to extend the term from 12 to
14 years and to lower debt payments in the 1987-89 period by 64
pct.
Azpurua said that according to the agreement, the new
interest rate will be retroactive to April 1, provided the
accord is approved before October 1.
He told reporters the term sheet detailing the changes in
the rescheduling has already been endorsed by the 13-member
debt steering committee and is now being sent to the country's
460 creditor banks for their approval.
The new agreement replaces a rescheduling accord signed in
February 1986, which Venezuela asked to revise to reflect a 45
pct drop in oil revenues.
REUTER
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SunTrust Banks said that Sun Banks in
Florida and Trust Co banks in Georgia have raised their prime
rate to 7-3/4 pct from 7-1/2 pct.
The company said the action is effective immediately.
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Horn and Hardart Co said it
disposed of 33 Bojangles' Chicken 'N Biscuits restaurants in
Florida as part of its previously announced retrenchment of its
Bojangles' subsidiary.
Terms were not disclosed.
The company said the restaurants in Orlando, Tampa and
Jacksonville markets have incurred the majority of Bojangles'
operating losses over the last two years.
Due to the transaction, Horn and Hardart is projecting a
positive cash flow for the unit for the remainder of fiscal
1987.
A spokesman said the disposition consists of a combination
of sale, lease and re-franchise agreements.
The transaction involves one-quarter of the company-owned
Bojangles' restaurants and is in accordance with its
restructuring program announced in October 1986.
A spokesman said the company is considering the sale or
spinoff of the 91-company owned additional restaurants, which
are profitable.
The company said the disposition will result in no profit
or loss for the company because the costs were anticipated in a
34-mln-dlr reserve taken in the third quarter of 1986.
The foodservice division, which includes Burger King,
Arby's and Tony Roma's, had a pre-tax operating loss of 29.6
mln dlrs in 1986, including the 34.0 mln dlr charge to
restructure Bojangles. Excluding Bojangles', the group had
revenues of 43.8 mln dlrs.
The company said that, pursuant to the restructuring, it
has cut general and administrative expenses attributable to
Bojangle' by 35 pct.
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Qtly div 13 cts vs 13 cts prior
Pay April 20
Record April 10
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First Bank Minneaplois and First
Bank Saint Paul, both units of First Bank Systems Inc, said
they raised their reference rates to 7-3/4 pct from 7-1/2 pct.
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Chemical Fabrics Corp said an
agreement in principle under which OC Birdair Inc would have
purchased assets related to the architectural structures
business of Dow Corning corp's ODC Inc division has been
terminated.
Under that agreement, Chemical Fabrics would also have
become distributor of Dow Corning's Vestar silicone-coated
fiberglass architecural fabrics.
OC Birdair is a joint venture of Chemical Fabrics and Owens
Corning Fiberglas Corp <OCF> and Down Corning a venture of Dow
Chemical Co <DOW> and Corning Glass Works <GLW>.
Chemical Fabrics said once the current project backlog of
Dow Corning's ODC division is completed, Dow Corning plans to
discontinue its design-engineering, fabrication and
installation services.
Chemical Fabrics said the companies will cooperate on the
development of new products for architectural and industrial
applications and may supply architectural materials to each
other.
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SIS Corp said it has completed
the acquisition of its franchisor Sisters International Inc
from Wendy's International Inc for 14.5 mln dlrs in stock.
It said the purchase includes 35 restaurants in Ohio
operates by Sisters, giving SIS a total of 55 restaurants, and
franchise relationships in six Midwestern and Southern states.
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The dollar's recent decline, despite
massive central bank purchases, is a forceful reminder that
official intervention in the foreign exchanges can work only if
it is well-timed to coincide with shifts in market fundamentals
or sentiment, dealers and analysts said.
Central banks may succeed in slowing a trend, but, without
accompanying policy changes, they stand little chance of
reversing the direction of an ever-growing global market in
which more than 200 billion dlrs is traded every day, the
sources said.
"Timing and psychology are the key to successful
intervention," said Jim O'Neill, a financial markets economist
with Marine Midland Banks Inc. The importance of complementary
changes in economic fundamentals was underlined yesterday when
a change in interest rates boosted the dollar, instantly
achieving what the central banks had tried in vain to do for a
week through open market intervention.
After Citibank raised its prime rate by a quarter-point to
7-3/4 pct, the first change in the rate since last August, the
dollar started to advance and reached a high in Tokyo of 147.50
yen, up two yen from Tuesday's New York low.
By contrast, monetary authorities spearheaded by the Bank
of Japan are estimated to have bought as much as 10 billion
dlrs in the last 10 days of March but could not prevent the
dollar from skidding through 150 yen and plumbing a 40-year low
Monday of 144.70 yen. Some experts worry the central banks have
lost more than just a temporary battle to prop up the dollar.
The market is wary of being caught wrong-footed by a central
bank foray, but is no longer mesmerized.
"They've lost their credibility. The market feels it can
take on the central banks and win," said Michael Snow, head of
treasury operations at Union Bank of Switzerland in New York.
The relative failure of recent intervention stands in sharp
contrast to the success that central banks scored when they
joined forces to drive the dollar down following the September
22, 1985, Plaza accord.
Then, however, central banks had an easy time of it,
because the markets and the Treasuries of the major industrial
powers were agreed that the dollar needed to head lower to
redress massive worldwide trade imbalances.
Now, there is no such consensus. The market is saying that
the dollar must fall further because the U.S. trade deficit is
showing little sign of improvement, while Japan is resisting in
a bid to protect its export industries.
For its part, the United States is apparently content to
let the dollar fall gradually further and is paying little more
than lip service to the February Paris agreement of the Group
of Five plus Canada to foster stability, dealers say.
Specifically, they said the Fed's dollar-buying
intervention has been half-hearted, designed more as a
political gesture to Japan than to strike fear into the
markets. "It's been pro-forma intervention," said Francoise
Soares-Kemp, chief corporate trader at Credit Lyonnais.
Because of this discord and the market's momentum for a
lower dollar, analysts said intervention looks doomed to fail.
"It's going to take a lot more than the central banks to
hold the dollar (at these levels)," said Snow, who predicts
another 10 to 15 pct depreciation.
"There have to be structural changes that occur to make the
market stop selling dollars," added "Buying six billion dollars
in three weeks is not going to do it."
Late last decade during the presidency of Jimmy Carter,
when the dollar was last under heavy speculative attack,
central banks sometimes intervened to the tune of six billion
dlrs in a single day but still failed to stop the dollar
falling to a record low of 1.70 marks, analysts said.
Snow said purchases on that scale now are unlikely. "I
don't think anybody has the stomach for it, because they saw
the futility of it in the seventies."
Indeed, because the market has grown in leaps and bound
since then, intervention on an even greater scale would
probably be needed to impress the market.
Trading volume in London, New York and Tokyo alone last
year averaged nearly 188 billion dlrs a day, according to a
joint central bank study, about double the previous estimate
made just two years earlier by the Group of Thirty private
research group.
There are signs that central banks, too, realize the
futility of swimming against the tide.
Bank of Japan sources told Reuters in Tokyo earlier this
week that they believed the limits of currency market
intervention are perhaps being reached and that other methods
for bolstering the dollar, such as invoking currency swap
agreements with other central banks, are being considered.
"In this era of financial liberalization, it's almost
impossible to control the flow of capital in and out of Japan,"
one senior official in Tokyo said.
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CTC Dealer Holdings Ltd said <Canadian
Tire Corp Ltd> controlling shareholders Alfred, David and
Martha Billes did not extend an agreement expiring yesterday to
tender their shares only to CTC's previously reported offer for
49 pct of Canadian Tire common shares.
CTC, which already holds 17.4 pct of Canadian Tire common,
said it would therefore not take up any shares tendered under
its offer unless they totaled at least 1.1 mln or another 32.7
pct of Canadian Tire common. The Billes control 60 pct of
Canadian Tire common. It added that it extended its offer to
May 11 at a fixed price of 165.36 dlrs a share.
CTC, a group of Canadian Tire dealers, said it expected to
know by May 11 if it would obtain approval to appeal a
previously reported Ontario court ruling upholding a regulatory
decision to block CTC's offer.
The dealers' bid was previously blocked by the Ontario
Securities Commission because the offer excluded holders of
Canadian Tire class A non-voting shares, which make up about 96
pct of company equity.
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French Prime Minister Jacques Chirac
said that on financial issues, the United States and France had
"very close" views, and he said Treasury Secretary James Baker
was determined to support the February 22 Paris agreement on
stabilizing foreign exchange parities.
"I was very reassured by the determination of Mr. Baker to
support this agreement," he said.
He described the dollar's sharp fall against the yen at the
start of the week as a "passing incident" and added, "Everyone is
resolved to support the Paris accord."
Questioned about his plan to help the world's poorest
countries, Chirac said he did not envisage any large-scale debt
write-offs.
"I don't think we can talk of write-offs - even the poorest
countries have not asked for that," he said.
Chirac said he wanted commercial banks to give third world
countries better terms in rescheduling their debts, and for the
International Monetary Fund to soften its conditions.
"One cannot pity the banks - they bear a lot of
responsibility due to the encouragement they gave to these
countries to take on debts. Now the banks are complaining but I
do not weep for them."
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Conrac Corp, whose board has
rejected a 25 dlr a share tender offer from Mark IV Industries
Inc <IV>, said it is exploring alternatives such as a
restructuring, leveraged buyout or takeover of the company.
In a filing with the Securities and Exchange Commission,
Conrac said its board of directors authorized its financial and
legal advisors to explore a several alternatives to the Mark IV
offer, which it said it considers inadequate.
The alternatives being explored include a restructuring,
leveraged buyout or a takeover of the company by another
company, Conrac said.
Conrac, which said its board discussed the alternatives at
special meetings on March 26 and 30, said that its decision on
whether to adopt any of the alternatives would hinge on "the
future actions of Mark IV" and its unsolicitied tender offer.
Putting into effect any of the alternatives being explored
could hurt or defeat the Mark IV offer, it said.
Board members were also instructed to keep confidential the
terms of any transaction that might be entered into until it
becomes final, the company said.
The board also took other defensive steps, including
granting severance agreements to some officers, it said.
At a board meeting yesterday, Concac's directors deleted a
provision allowing the holder of at least one-third of of all
classes of its voting stock to call a special shareholders
meeting and deleted another provision allowing shareholders to
remove directors without cause, the company said.
The defensive moves were taken because Mark IV had said it
planned to elect a majority of its designees as directors at a
special holders meeting if it succeeded in acquring a majority
of the company's common stock in the offer, Conrac said.
Conrac's president, vice president and treasurer were given
severance agreements, or "golden parachutes," it said.
Under the agreements, Conrac President Paul Graf would get
a cash payment of twice his annual salary, which was 209,906
dlrs last year, if there were a change of control in the
company, including acquisition of 30 pct or more of the
company's voting stock, Conrac said.
Treasurer Joseph Smorada and Vice President Joseph
O'Donnell, who made 143,325 dlrs last year, would get
one-and-a-half times his salary if there were a change in
control. Smorada's salary was not listed in the SEC filing.
The executives would also get cash settlements of options
plans and continuation of insurance and other benefits.
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Chemical Bank, the main bank subsidiary
of Chemical New York Corp, and Marine Midland Banks Inc said
they were raising the prime lending rate to 7-3/4 pct from
7-1/2 pct, effective immediately.
In St Louis, Mercantile Bancorp said its Mercantile Bank
N.A. was also raising its prime rate to 7-3/4 pct from 7-1/2
pct, effective immediately.
The changes follow similar cuts yesterday by Citicorp and
Chase Manhattan.
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Shr loss 2.65 dlrs vs loss 2.31 dlrs
Net loss 14.3 mln vs loss 12.5 mln
Revs 2,887,000 vs 5,321,000
Year
Shr loss 4.38 dlrs vs loss 2.50 dlrs
Net loss 23.7 mln vs loss 13.5 mln
Revs 13.2 mln vs 22.4 mln
NOTE: 1986 net includes oil and natural gas writedowns of
12.1 mln dlrs in quarter and 19.0 mln dlrs in year.
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Shr 51 cts vs one dlr
Net 25.1 mln vs 46.8 mln
Sales 1.21 billion vs 1.08 billion
Note: 1986 excludes extraordinary gain of 1.1 mln dlrs, or
two cts per share, from public issue of affiliate's shares.
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Oper shr 64 cts vs 97 cts
Oper net 845,000 vs 1,285,000
Revs 20.0 mln vs 23 mln
NOTE: 1986 and 1985 oper net excludes gain of 315,000 dlrs
and 585,000 dlrs, respectively, for extraordinary item.
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Shr loss 40 cts vs loss 4.72 dlrs
Net loss 3,321,000 vs loss 42.0 mln
Revs 4,002,000 vs 7,788,000
Avg shrs 9,168,522 vs 8,974,355
Year
Shr loss 4.20 dlrs vs loss 4.71 dlrs
Net loss 37.2 mln vs loss 41.1 mln
Revs 18.4 mln vs 34.1 mln
Avg shrs 9,168,522 vs 8,991,184
Reuter
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County Savings Bank said
its board declared a five pct stock dividend, payable April 10
to shareholders of record today.
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E.F. Hutton Group's E.F. Hutton LBO Inc
unit said it extended the expiration date for its 35 dlr per
share tender offer for Purolator Courier corp to midnight EST
April six from midnight April one.
E.F. Hutton lbo inc said its wholly owned PC Acquisition
Inc subsidiary, which is the entity making the offer, extended
both expiration date and the withdrawal rights period for its
pending tender for 6.3 mln shares or 83 pct of Purolator
common.
Hutton's offer was topped today by a 40 dlr per share bid
for 83 pct of the stock from Emery Air Frieght Corp <EAF.>
Both offers would pay shareholders a package of securities
for the balance of their shares, valued at the respective
tender offer prices.
Hutton said as of the end of the day yesterday, about
880,000 shares of Purolator common stock repesenting 11.5 pct
of outstanding shares had been validly tendered and not
withdrawn.
Manhattan supreme court justice Lewis Grossman today
adjourned until Monday a hearing on a stockholder suit seeking
to block the Hutton LBO transaction. The judge told attorneys
he needed time to hear other cases.
Plaintiffs cited their belief that a superior offer would
be forthcoming, however one company mentioned in an affadavit,
Interlink Express plc, denied that it was interested.
Yesterday, Frank Hoenemeyer, a retired vice chairman of
Prudential Insurance Co and currently a Purolator board member,
said an initial offer from Hutton was rejected by the board of
directors February third.
Hoenemeyer testified that by the next meeting of the board,
February 17, Hutton submitted a revised proposal which was
accepted.
He also testified a committee of directors had hired
Goldman Sachs and Co to consider alternatives to the Hutton
offer and also to consider a discussion of possible mergers
with other companies including Emery and Federal Express Corp
<FDX>.
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BankAmerica Corp said it completed
the sale of its Consumer Trust Services division to Well Fargo
and Co <WFC>, a transaction that will result in a second
quarter pre-tax gain of more than 75 mln dlrs.
The sale will not affect the services the bank will
continue providing to institutional customers through its
Employee Benefit Trust Services Division, BankAmerica also
said.
In a separate announcement, Wells Fargo said the
acquisition will increase the amount of personal trust assets
it administers to 25 billion dlrs.
Last December BankAmerica and Wells Fargo announced a
definitive agreement on the sale at a price of about 100 mln
dlrs, subject to adjustment.
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Fresh, heavy rains caused further
damage to the Argentine 1986/87 coarse grains crop in the week
to yesterday, particularly in Buenos Aires province, trade
sources said.
They said the sunflower, maize, soybean and sorghum crops
were damaged and yield estimates affected. New production
forecasts were made for all these crops.
The rains over the weekend and up to yesterday registered
more than 200 mm on average in western Buenos Aires and
worsened the flooding in various parts of the province.
The weather bureau said the rains, which in Buenos Aires
have surpassed 750 mm in the last 30 days, could continue.
The northeast of the country was also hit by heavy rains.
In Corrientes province the rains also passed an average of
200 mm in some parts, notably the Paso de los Libres area
bordering on Uruguay.
In Santa Fe and Entre Rios provinces they were over 100 mm
in places, in Misiones and San Luis 90 mm and in Cordoba 80 mm.
The rains were less intense in Chaco and Formosa.
Harvesting in areas not actually under water could also be
further delayed due to dampness in the earth, the sources said.
The excessive humidity might also produce rotting of the
crops, further dimishing the yield, the sources added.
Sunflower harvesting before the weekend rains reached 26 to
30 pct of the area sown in Santa Fe, Cordoba, La Pampa and
Buenos Aires provinces.
The production forecast for 1986/87 sunflowerseed has been
lowered to between 2.2 and 2.4 mln tonnes, against 2.3 to 2.6
mln tonnes the previous week, making it 41.5 to 46.3 pct lower
than the record 4.1 mln tonnes produced last season.
The area sown was two to 2.2 mln hectares, down 29.9 to
36.3 pct on the record 3.14 mln hectares in 1985/86.
The maize harvest advanced to within 26 to 28 pct of the
area sown in Cordoba, Santa Fe and northern Buenos Aires. It
will begin in La Pampa within about 10 days, weather
permitting.
Maize yield this season is now estimated at 9.6 to 9.9 mln
tonnes, against last week's 9.9 to 10.1 mln tonnes, down 21.4
to 22.6 pct on the 12.4 to 12.6 mln tonnes at which private
producers put 1985/86 production.
The new forecast is 22.7 to 25 pct down on the official
figure of 12.8 mln tonnes for last season's production.
The grain sorghum harvest reached 17 to 19 pct of growers'
targets, against 14 to 16 pct the previous week.
The production forecast was reduced to between three and
3.3 mln tonnes, against 3.2 to 3.5 mln tonnes last week, 21.4
to 26.8 pct down on last season's 4.1 to 4.2 mln tonnes.
The area sown with sorghum in 1986/87 was 1.23 to 1.30 mln
hectares, down 10.3 to 15.2 pct on the 1.45 mln in 1985/86.
The forecast for soybean yield this season was the least
changed in relation to last week. It was put at a record 7.5 to
7.7 mln tonnes, against the previous 7.5 to 7.8 mln tonnes.
These figures are 4.2 to 5.5 pct higher than last season's
record of 7.2 to 7.3 mln tonnes, according to private sources,
and 5.6 to 8.5 pct up on the official 7.1 mln tonnes.
The adjustment to the production forecast is due to the
rains and overcast conditions which have greatly reduced the
sunlight needed for this crop, sources said.
Producers fear estimates may yet have to be adjusted down
further.
The humidity could induce rotting and growers are still
finding more empty pods due to excessively dry weather earlier
in the season.
Soybean harvesting is due to start in mid-April in southern
Cordoba and Santa Fe and northern Buenos Aires.
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Rio Grande/Azores and Leixoes 26,000 mt
hss 14 dlrs basis one to two 4,000/1,500 Azores and 3,500
Leixoes 25/4-5/5.
Paranagua/one-two ports Spanish Med 35,000 mt hss 11.50
dlrs basis one to one 10 days all purposes 20-30/4.
USG/Taiwan 54,000 mt hss 10,000 shex/4,000 shex 20/4-5/5.
USG/ARA-Ghent option Seaforth 40,000/45,000 long tons hss
10 days all purposes 9-15/4 try later.
Dieppe/one-two ports Italian Adriatic 9,500/11,000 mt bulk
wheat 3,000/2,000 6-12/4.
St Lawrence/one-three ports Marseilles-Manfredonia range
20,000/35,000 mt bulk wheat 5,000/222,500 10-15/4.
Chimbote/Kaohsiung 9,500 mt bulk/bagged fishmeal 250 ph/200
ph 20/4-5/5.
Immingham or Foynes/Red Sea 25,000 mt bulk barley
4,000/3,000 10-15/4 alternatively try t/c.
USG/Maracaibo 10,000 mt wheat (three grades) three
days/1,000 1-15/4.
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Rotterdam/Karachi
20,000/21,000 mt shredded scrap 7,000/1,100 15-30/4.
Bin Qasim/Shanghai 25,000 mt pig iron 1,500 fhex/1,200 shex
1-10/4.
Chungjin/Manila 4,200 mt steel coils 800/liner discharge
23-30/4.
Bilbao/one port Vietnam 5,000 mt steels fio 1,000/500 end
April
Singapore/Mizushima 6,000/10,000 mt steel scrap fiot
1,200/3,00 2-12/4.
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Shr loss three cts vs profit 16 cts
Net loss 119,000 vs profit 637,000
Revs 17.5 mln vs 15.8 mln
Reuter
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]
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South Africa/Salvador, Brazil
15,000 long tons manganese ore 2,500/1,500 end April.
Callao/Crotone 5,000 mt minerals 4,000/2,000 spot.
Geraldton/Tampico 13,500 mt bulk mineral sands fio
10,000/2,000 1-10/5.
Itea/Dunkirk 20,000 mt bauxite seven days all purposes
10-13/4.
Tampico/North Spain 15,000 mt ore two days shinc/3,000 shex
5-25/4.
One port German North Sea/USG 10,500 mt bulk ore
2,500/4,000 7-13/4.
Reuter
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Oper shr loss two cts vs loss 13 cts
Oper net loss 236,000 vs loss 1,131,000
Revs 26.6 mln vs 26.3 mln
Year
Oper shr profit two cts vs loss 15 cts
Oper net profit 286,000 vs loss 1,292,000
Revs 105.3 mln vs 95.3 mln
NOTE: Net excludes discontinued operations gain 20,000 dlrs
vs loss 1,291,000 dlrs in quarter and gain 60,000 dlrs vs loss
1,590,000 dlrs in year.
Net excludes extraordinary loss 38,000 dlrs vs gain
1,941,000 dlrs in quarter and gains 162,000 dlrs vs 1,941,000
dlrs in year.
1986 net both periods includes writedowns of 290,000 dlrs
of oil-related seismic data.
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Shr loss eight cts vs profit four cts
Net loss 365,430 vs profit 165,508
Revs 5,577,244 vs 4,643,803
NOTE: 1986 net includes nonrecurring expenses of 408,518
dlrs.
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Ausimont Compo NV said it has
sold the assets of its Equipment and Machinery Division for
about six mln dlrs to an investment group including the unit's
management, resulting in a modest pretax gain that will be
included in first quarter results.
The unit had sales of five mln dlrs in 1986.
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Atlantic Research corp said it
has completed the acquisition of professional services firm ORI
Group for 1,414,313 common shares on a pooling of interests
basis.
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<Peabody Holding Co Inc> said it has
completed its acquisition of substantially all Eastern Gas and
Fuel Associate's <EFU> coal properties for 15.01 pct of Peabody
Holding's stock.
Peabody said the purchase includes seven underground mines
and seven coal preparation plants currently operated by
Eastern, as well as coal properties being mined by several
contractors in West Virginia.
The acquisition also involves about 800 mln tons of coal
reserves, mostly in West Va., and includes Eastern's coal
reserves and inactive Powderhorn operations near Palisade,
Colo, Peabody said.
Peabody added that it expects to announce within the next
week how it will staff and operate the properties and offices
it has acquired from Eastern.
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Delfzyl/India 14,700 mt
bagged sugar about 30 dlrs 750/1,000 ppt a/c Benham.
Antwerp/Lagos 12,000 mt bagged sugar 750/750 try liner
discharge 5-20/4 a/c E D and F Man.
T/C single or tweendecker 16,000/19,000 tonnes dw del
Queensland mid-April/early-May for trip with bulk sugar redel
China duration about 30 to 40 days a/c Kawasaki.
One port A-H range/Dubai 6,800 mt bagged sugar 750/750
10-15/4 a/c unnamed charterer.
enquiries - Rouen-Hamburg/India 14,000 mt bagged sugar
750/1,000 15-25/4 a/c Woodhouse, Drake and Carey.
Flushing/Hodeidah and Mokha 16,800 mt bagged sugar 750/750
9-15/4 Genoc.
Santos/Hodeidah 10,000 mt bagged sugar about 30 dlrs
750/750 20-30/4 a/c Dutch charterer.
Cargill is reported to have withdrawn its enquiries for
cargoes from South Korea to India, from Constanza to India and
from Buenaventura to the U.S.
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Shr loss six cts vs loss 76 cts
Net loss 343,748 vs loss 4.0 mln
Revs 5.1 mln vs 4.8 mln
Year
Shr profit 12 cts vs loss 1.45 dlr
Net profit 611,784 vs loss 7.7 mln
Revs 21.6 mln vs 19.7 mln
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French Prime Minister Jacques Chirac
told U.S. congressmen France would announce a decision in two
to three weeks on which group is to control its second largest
communications firm, Compagnie Generale de Construction
Telphoniques, French sources said.
They said Chirac promised that France's decision would be
based on financial, economic and technical criteria, and not on
political grounds.
U.S. and German companies are the leading contenders to
take control of CGCT.
The Reagan administration has warned France and Germany
that it may retaliate if control of the company is awarded on
political grounds.
Jacques Delors, President of the European Community's
Executive Commission, called last month for control to go to
West Germany's Siemens AG in order to strengthen European
industry.
The other leading contender is a consortium of American
Telephone and Telegraph Co <T> with Philips NV of the
Netherlands.
Chirac said France would make public its reasons for
awarding control, the sources said. He was asked about the
company's fate on two occasions, in meetings with leaders of
the Senate and House of Representatives.
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The Panama Canal Commission, a U.S.
government agency, said in its daily operations report that
there was a backlog of 41 ships waiting to enter the canal
early today. Over the next two days it expects --
4/01 4/02
Due: 34 34
Scheduled to Transit: 41 39
End-Day Backlog: 34 29
Average waiting time tomorrow --
Super Tankers Regular Vessels
North End: 25 hrs 11 hrs
South End: 24 hrs 31 hrs
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Shr loss five cts vs profit eight cts
Net loss 152,000 vs profit 214,000
Revs 6.2 mln vs 2.4 mln
Year
Shr profit 22 cts vs profit 33 cts
Net profit 809,000 vs 853,000
Revs 22.4 mln vs 7.9 mln
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The Federal Reserve bought about 550
mln dlrs of U.S. Treasury bills for a customer, a spokeswoman
said.
She said the Fed bought bills maturing from May through
September 24 for regular delivery tomorrow.
Federal funds were trading at 6-3/16 pct when the Fed
announced the operation.
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Qtly div 32 cts vs 32 cts prior
Pay May 15
Record May One
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Qtrly div 11 cts vs 11 cts
Pay April 21
Record April 10
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Itel Corp said it has completed the
previously-announced acquisition of the container fleet and
related assets of Castle and Cooke Inc's Flexi-Van Leasing Inc
subsidiary for about 130 mln dlrs in cash and marketable
securities, 30 mln dlrs in notes, three mln common shares and
the assumption of liabilities.
The company said it has obtained 150 mln dlrs in financing
from a bank group for the deal, and the common shares are
subject to a 10-year restriction on their sale and voting.
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4th qtr
Shr 14 cts vs 14 cts
Net 210,000 vs 211,000
Revs 230,000 vs 229,000
Year
Shr 56 cts vs 56 cts
Net 838,000 vs 841,000
Revs 919,000 vs 919,000
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Dynalectron Corp said it purchased
certain assets of Standard Aero Inc including leasehold rights
to its aircraft modification and maintenance facility in
Phoenix, Ariz.
Terms were not released.
The facility consists of 285,000 square feet of hangar and
shop space. Dynalectron will operate the plan as Dynair Tech
Inc and is offering continued employment to about 460 former
standard Aero employees.
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U.S. farmers who reorganize their
operations to circumvent a cap on federal payments could add
2.3 billion dlrs to the cost of the government's agricultural
programs by 1989, the General Accounting Office, GAO, said.
"We estimate that should the trend in farm reorganizations
continue, reorganizations since 1984 could be adding almost 900
mln dlrs annually to program costs by 1989," GAO Senior
Associate Director Brian Crowley said.
"Cumulative costs for the six-year period, 1984 to 1989,
could approach 2.3 billion dlrs," he said.
Between 1984 and 1986, reorganizations added almost 9,000
new persons to U.S. Agriculture Department payment rolls,
Crowley told the House Agriculture Subcommittee on Wheat,
Soybeans and Feedgrains.
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Emery Air Freight Corp topped a
leveraged buyout offer for Purolator Courier Corp by about 40
mln dlrs, but Wall Street is reacting as though another offer
may surface.
Purolator's stock climbed 5-3/8 today, to 40-1/8, 1/4 over
Emery's 40 dlr per share offer. Emery topped a 35 dlr per share
or 268 mln dlr offer from E.F. Hutton LBO Inc.
Some analysts said the latest, 306 mln dlr offer for
Purolator exceeded their expectations.
Several analysts previously had said they saw takeover
values for the package delivery company in the 35 dlr per share
range. At least one, however, estimated the company could be
taken over in a range of 38 to 42 dlrs per share.
Analysts today would not venture to say whether another
offer could be made, but some arbitragers still held to the
belief that the bidding could go higher.
"They have no choice to seek out the best possible offer.
Emery has shown the courage to go forth," said one arbitrager,
who speculated other courier companies may also emerge as
bidders.
"It makes sense," said James Parker of Robinson Humphrey.
But "It won't make out as well as they think. They won't get a
100 pct of the synergies."
Analysts said the acquisition could cost Emery earnings in
the short term, but long term, after eliminating redundancies
and selling other Purolator assets, it should boost Emery's
profitability.
Parker said a combined Purolator and Emery would rival
United Parcel Service as the second largest U.S. package
delivery company after Federal Express Corp <FDX>, which has 47
pct of the market.
Parker speculated that the combined Emery-Purolator would
have about 24 pct of the six to seven billion dlr delivery
business.
"This will make Emery a bigger factor in the light weight
(delivery) business, but it will not make them a power house,"
said Douglas Arthur of Kidder, Peabody and Co.
Purolator today declined comment on the Emery offer, and
its chairman Nicholas Brady did not return a phone call.
E.F.Hutton LBO also declined comment on the Emery offer,
but said it extended the expiration and withdrawal period on
its offer to April six at midnight from today at midnight EST.
One analyst speculated the extension makes it more likely
Hutton will attempt another offer. However, he was skeptical a
company outside the package delivery industry would want to
outbid 40 dlrs per share because it would not have the same
synergies as a courier company.
Since Purolator agreed in late February to a buyout by some
of its management and the E.F. Hutton Group <EFH> subsidiary,
speculation has arisen that more bidding was to come.
The buyout was surrounded by controversy since a Purolator
board member, Doresy Gardner resigned in March. Gardner said he
believed a better offer could be made by another entity.
A spokesman for Gardner today said the former director had
no contact with Emery, nor did he have any other buyers lined
up for Purolator.
Purolator's deal with Hutton was also called into question
by a shareholder suit filed earlier this week, which attempted
to stop the tender offer to allow another bidder to come forth.
Hearings in a New York state court were delayed until Monday.
Arbitragers had said they believed the Hutton offer could
be bettered because the Wall Street firm was not planning to
keep its cash tied up in Purolator. Hutton is providing a 279
mln dlr "bridge" loan that would later be replaced with other
debt. Hutton would maintain a majority interest in Purolator.
Hutton sources have said the firm was in fact facing risk n
its investment since it did not know when it could reclaim its
279 mln dlr loan.
Emery last year lost 5.4 mln dlrs on revenues of 887.5 mln
dlrs. Purolator lost 57.6 mln dlrs on 841.4 mln dlrs in
revenues.
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<Canadian Imperial Bank of Commerce>
said it was lowering the interest rate on its Visa credit card
to 15.9 pct from 18.6 pct, effective with the May billing
statement.
The bank said it was also halving its yearly Visa card user
fee to six dlrs, but would retain its 15 ct fee for each
transaction.
A bank spokesman said the previously reported call by the
Canadian Parliament's finance committee on March 20 for a
substantial cut in credit card rates "was a factor" in the
move, but he would not elaborate.
Canada's minister of state for finance Thomas Hockin had
threatened legislation to reduce the rates, which apply to
unpaid balances, if the financial institutions did not
voluntarily act.
The Canadian Imperial Bank spokesman said "the bank card
market is a very competitive one and we have to move to stay
competitive."
Canadian Imperial's new rates match those of <Toronto
Dominion Bank>, which lowered its rates before the finance
committee report.
Canadian Imperial Bank added that cardholders will be
allowed to choose between the 15 ct transaction fee or the six
dlr yearly card fee.
It will also eliminate the 50 ct minimum monthly
transaction fee, it said.
Minister of State for Finance, Tom Hockin, said in the
House of Commons today he was "delighted" with the bank's cut
in its credit card rate.
"I would hope retail stores and other financial
institutions will look to their rates as well," Hockin said
during the daily question period.
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Nissan Motor Co Ltd of Japan said it
expects that it was profitable in the second half ended
yesterday after a first half operating loss of 17 billion yen.
Nissan chief financial officer Atsushi Muramatsu, in a
speech before an automotive seminar, said he attributed the
improvement to cost reductions and rationalizations of
operations.
He said if exchange rates stabilize, Nissan will have a
strong profit recovery in fiscal 1988 and profits for fiscal
1989 better than those before the yen started advancing.
Muramatsu said Nissan is studying the possibility of
setting up its own finance company to improve access to U.S.
and European capital markets.
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(Geoffrion Leclerc Inc), in reporting
sharply higher earnings for the six months ended February 28,
said it expects third quarter results to continue at a strong
pace and approximate the preceding quarters.
The brokerage firm earlier reported six month profit rose
to 3.5 mln dlrs from 1.9 mln dlrs last year. It did not detail
second quarter profit.
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Rumors that New York investor Asher
Edelman has acquired a stake in Polaroid Corp and optimism
about tomorrow's status hearing on the patent infringement suit
pending with Eastman Kodak Co <EK> sent Polaroid's stock
higher, traders said.
Polaroid rose 1-1/8 to 74-1/2.
"Speculation that Edelman was going to take a stake in
Polaroid was kicking around a few months ago, and resurfaced
today," one trader said.
Edelman had no comment on the rumors.
A spokesman for Polaroid said the company had not been
contacted by Edelman and no filing had been made with the
Securities and Exchange Commission about a stake in the
company.
"There is some hope among investors that there will some
progress in the status hearing tomorrow on the patent
infringement suit with Kodak," analyst Michael Ellmann of
Wertheim and Co said.
Traders said it is conceivable that a trial date could be
set or some progress made on an out-of-court settlement.
The suit, filed by Polaroid in April 1976, charges that
Kodak infringed upon Polaroid's instant camera patent. In
October 1985, the court barred Kodak from selling cameras or
film that infringe upon the patent, the Polaroid spokesman
said.
Ellmann said he feels it is highly unlikely that any
progress will be made in tomorrow's hearing.
Ellmann said the stock may have also gotten a boost today
from some optimism concerning new products the company is
currently working on.
"Polaroid's announcement that a particularly senior company
executive had been chosen to work on a major unidentified new
product spurred some speculation about their products," he
said. "I am speculating that the new product could be an
electronic still camera," referring to a camera that records
its images on magnetic disks as opposed to conventional film.
Ellmann said the stock may have also gotten a boost today
from some optimism concerning new products the company is
currently working on.
"Polaroid's announcement that a particularly senior company
executive had been chosen to work on a major unidentified new
product spurred some speculation about their products," he
said. "I am speculating that the new product could be an
electronic still camera," referring to a camera that records
its images on magnetic disks as opposed to conventional film.
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Shr 41 cts vs 17 cts
Net 8,824,000 vs 4,555,000
Revs 301.9 mln vs 196.4 mln
Avg shrs 17,644,000 vs 16,085,000
Reuter
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Itel Corp said it completed the
previously announced purchase of the container fleet and
certain related assets of Flexi-Van Leasing Inc for about 130
mln dlrs cash and marketable securities, 30 mln dlrs in notes,
three mln shares of newly issued Itel common and assumption of
certain liabilities.
The company said it obtained financing from a syndicate of
major banks for 150 mln dlrs.
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Shr 41 cts vs 17 cts
Net 8,824,000 vs 4,555,000
Revs 301.9 mln vs 196.4 mln
NOTE: Housing backlog 135 mln dlrs, up over 33 pct from a
year earlier.
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Shr 47 cts vs 56 cts
Net 73.0 mln vs 85.0 mln
Revs 1.89 billion vs 1.69 billion
NOTE: figures reflect the merger of Sea-Land Corp completed
Feb 11, 1987.
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Loral Corp climbed 3-3/4 to 48-3/4 amid
rumors the company might be a takeover target of General
Electric Co <GE>. However, analysts said they were skeptical.
"Jack Welch doesn't want any more exposure to defense
markets," said one analyst who heard the rumors but doubted
their accuracy. The reference was to GE's chairman.
The analyst, who requested anonymity, said, "I wouldn't
believe this one unless there's a deal on the table."
Loral Corp officials were not immediately available for
comment.
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