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An investor group led by Coniston
Partners said it plans to continue its effort to gain control
of Allegis Corp despite the defensive maneuvers Allegis
announced last week.
Allegis said then that it would borrow three billion dlrs
and pay shareholders a dividend of 60 dlrs per share, lowering
the company's net worth. The Coniston group, which owns 13 pct
of Allegis stock, has said that it would seek shareholder
consents to remove 13 of the 16 Allegis directors. The group
had said it would consider breaking up Allegis into its
airline, hotel and vehicle rental components if it succeeded.
The Coniston group said it expects to make a further
announcement today on its plans for Allegis.
Wall Street analysts and traders had not expected Coniston
to abandon its pursuit of Allegis as a result of the Allegis
defensive measures.
Allegis officials were unavailable for comment.
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First City Industries Inc
said it has reached a definitive agreement to sell its Nuton
and Yale security subsidiaries to Valor PLC for 400 mln dlrs
and warrants to purchase two mln Valor ordinary shares.
In addition, the company said it will recieve a special
dividend of 60 mln dlrs from Nutone and Yale and it has agreed
to buy 35 mln dlrs of Valor convertible preference shares.
First City said it is seeking to increase shareholder
values by improving and realizing the values inherent in its
operating subsidiaries.
The company said the transaction is subject to approval by
shareholders of Valor and is expected to be completed within 40
days.
It said Valor has arranged financing through an issue of
ordinary and convertible preference shares underwritten by
Hoare Govette Ltd and Barclays de Zoete Wedd Ltd.
Nutone makes built-in electric products for the housing
market and Yale makes door locks and electronic security
products.
Valor makes home products.
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Shr 23 cts vs seven cts
Net 911,000 vs 293,000
Sales 88.1 mln vs 74.8 mln
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National Security Insurance Co said a
group of investors has acquired 226,243 common shares, or a
22.2 pct, interest, for 27.50 dlrs per share.
The company said the acquisition of the portion of the
shares over a five pct interest is subject to approval by the
Alabama Department of Insurance.
It said the sellers included Atlantic American Corp
<AAME.O>, Bankers Fidelity Life Insurance Co and Georgia
Casualty Insurance Co.
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The Panamanian liquified gas carrier
Nyhammer, 48,772 dwt, was attacked by an Iranian gunboat on May
24, Lloyds Shipping Intelligence said.
One rocket was fired but missed.
The vessel subsequently arrived at its destination of Ras
Tanura on May 25 and left this morning.
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Spectra-Physics Inc said its
board rejected a 32 dlrs per share unsolicited tender offer for
the company's stock from Ciba-Geigy Ltd <CIGZ.Z>, which already
holds 18.8 pct of the stock.
Spectra-Physics said it also filed a lawsuit in Delaware
federal court this morning seeking to enjoin the offer and
alleging, among other things, that the offer vilates federal
securities laws, certain agreements between Ciba-Geigy and
Spectra-Physics, and Ciba-Geigy's fiduciary duties.
Spectra-Physics said the two Ciba-Geigy designess to its
board were not present at yesterday's special meeting which
voted to reject the offer as financially inadequate, unfair and
not in the best interests of Spectra-Physics or its
stockholders.
The company said the board also authorized a special
committee of outside directors to take whatever steps it deems
necessary to protect the interests of Spectra-Physics and its
stockholders and to investigate all alternatives to maximize
the value of the stock, including talks with third parties.
Spectra-Physics said a letter communicating the board's
recommendation and reasons therefore is being mailed to
stockholders.
It said Robert Bruce, Reliance Group Holdings Inc's <REL>
designee on Spectra-Physics' board, resigned his position on
May 29. His letter of resignation said the action was to
alleviate Ciba-Geigy's stated justification for making the
unsolicited offer that it had not contemplated another
significant investor having representation on the board when
its Spectra-Physics' investment was made.
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The U.S. Department of Agriculture's
forecast that French end-of-season soft wheat stocks will
almost double in 1987/88 is premature but would not be
surprising, according to French cereal organisation officials.
The Cereals Intervention Board, ONIC, Wheat Producers'
Association and the National Union of Agricultural and Cereal
Cooperatives have not yet forecast 1987/88 exports or
end-of-season stocks.
However, the officials said the USDA's figure of end
1987/88 stocks at 5.03 mln tonnes against 1986/87's 2.87 mln
was not surprising given a record high yield forecast in April.
The French Feed Cereals Research Institute, ITCF, forecast
in mid-April an average yield of 6.58 tonnes per hectare for
soft wheat in 1987/88 compared with 5.6 tonnes in 1986/87 and
the record high yield of 6.5/6.6 tonnes in 1984.
This would result in a French soft wheat harvest of around
31 mln tonnes against 25.5 mln in 1986/87, given a Ministry of
Agriculture estimate of area planted of 4.66 mln hectares
against 4.61 mln in 1986/87.
ONIC's first preliminary forecast of the 1987/88 campaign
will be released at the beginning of September, an ONIC
official said.
Soft wheat exports in 1987/88 were extremely difficult to
estimate at this stage, both within the European Community and
to non-EC countries, an ONIC official said.
He said, however, that among countries to which France
could increase its wheat exports were Egypt and the Maghreb
countries (Morocco, Algeria and Tunisia), he said.
The USDA's forecast of an 11.65 mln tonne maize crop in
1987/88 against 11.48 mln in 1986/87, while again premature,
was not out of line with estimates of the French Maize
Producers Association, AGPM, an AGPM official said.
Maize plantings would be down in 1987/88 but yields were
expected to be higher, the AGPM official said.
It estimated 1987/88 maize plantings of 1.73 mln hectares,
down seven pct from the 1.87 mln hectares planted in 1986/87.
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Boeing Co and ARGOSystems Inc <ARGI.O>
said they reached an agreement for Boeing to acquire the
Sunnyvale, Calif., defense electronics firm for about 275 mln
dlrs.
The boards of both companies have approved the merger,
which will be accomplished through a tender offer by a Boeing
subsidiary of 37 dlrs a share cash for all of ARGOSystems'
shares, the companies said.
Under the agreement, the Boeing subsidiary, TBC Holdings
Corp, will begin the tender offer promptly. If at least 90 pct
of the shares are not tendered, the offer will be prorated to
49 pct, the companies said.
ARGOSystems has granted Boeing an option to buy 1,238,311
shares or 18.5 pct of the outstanding stock for 37 dlrs a
share, they said.
Also, Bill May, chairman of ARGOSystems, and three other
officers have granted Boeing an option to buy their shares,
another 8.9 pct of the outstanding stock, for 37 dlrs a share.
ARGOSystems makes equipment to monitor and analyze military
communications signals, electronic warfare equipment to monitor
and jam radar signals and signal processing systems.
For the nine months ended March 31, 1987, ARGOSystems
reported earnings more than doubled to 6.3 mln dlrs or 95 cts a
share from 3.1 mln dlrs or 46 cts. The year-ago period included
a 2.2 mln dlr charge from a writedown of securities. Sales rose
23.5 pct to 70.9 mln dlrs.
Sales are expected to exceed 100 mln dlrs for the fiscal
year ending June 30, the companies said in a joint statement.
The company's backlog is currently more than 180 mln dlrs,
they said. It has about 1,200 employees.
About 30 pct of ARGOSystems' business comes from
international customers.
"ARGOSystems is a clear leader in its field. This
association will expand our overall activities and
significantly enhance our ability to compete in the defense
electronics area," Boeing president Frank Shrontz said in a
statement.
ARGOSystems will operate as a wholly owned subsidiary of
Boeing Co.
The merger following the tender offer will be subject to
approval by ARGOSystems shareholders, the companies said.
The tender offer and merger are subject to customary
conditions and expiration of the Hart-Scott-Rodino notification
waiting period, they said.
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Computer Associates International Inc
and UCCEL Corp <UCE> said they have signed a definitive merger
agreement under which Computer Associates will pay about 800
mln dlrs in stock for all outstanding UCCEL shares.
The companies said under the terms of the agreement, all
UCCEL shareholders will receive about 1.69 shares of Computer
common stock for each of the approximately 17 mln UCCEL shares
outstanding.
According to the companies, this would amount to about
47.50 dlrs per UCCEL share, based on May 29 New York Stock
Exchange closing prices.
Closing of the transaction is anticipated in August, the
companies said. The companies said the resulting company wil
retain the name Computer Associates International Inc.
Additionally, the companies said Charles Wang, currently
Computer Associates chairman and chief executive, will continue
as chairman of the new company.
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The Zambian government today announced
minor price cuts for essential commodities as part of its new
economic strategy, while police and troops patrolled the
northern Copperbelt to prevent any outbreaks of rioting.
However, staple foods, such as bread, sugar and maize meal,
were not affected by the cuts and many people said this could
provoke trouble from disgruntled elements who had expected more
sweeping reductions.
Observers in the capital expressed disillusionment with the
small extent of the price cuts, which ranged up to 10 pct on
items such as blankets, soap, detergents and baby food.
Residents in the Copperbelt contacted by telephone said
government forces had set up roadblocks around the main towns.
In Lusaka, business went on as usual and there was no sign
of troops or police reinforcements on the streets.
President Kaunda had ordered the price reductions to take
account of lower import costs following the revaluation of the
kwacha to a fixed rate of eight per dlr from 21 on May 1.
The revaluation formed part of a new go-it-alone economic
strategy which Kaunda adopted to replace Zambia's IMF austerity
program.
Labour leaders in the Copperbelt said last week gangs of
unemployed youths were being formed in the politically volatile
region to take action against shops that did not reduce their
prices after today's deadline. Fifteen people were killed in
the Copperbelt during food riots last December after the
government tried to lift maize subsidies.
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South Korea will cut import taxes on 50
goods, including construction equipment, cigarettes and
tobacco, to help reduce its trade surplus with the United
States, the Finance Ministry said today. The tariff cuts of
between five and 30 pct will take effect on July 1.
South Korea ran a trade surplus of 7.3 billion dlrs with
Washington in 1986, sharply up from 4.3 billion in 1985.
Today's announcement brings to 157 the number of goods for
which similar measures were taken this year, a ministry
official said. The 157 are among about 290 items on which
Washington has asked Seoul to lower tariffs.
"This is in line with the government's policy to limit our
trade surplus with the United States to help reduce trade
friction between the two countries," said the official.
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Entertainment Marketing Inc <EM>
said it has made an offer to the board of Crazy Eddie Inc to
acquire all outstanding shares of Crazy Eddie Inc for eight
dlrs a share in cash.
Entertainment said the offer would be conducted through a
negotiated merger with a new corporation to be formed by
Entertainment Marketing.
Entertaiment said it has requested an early meeting with
Crazy Eddie Inc's board and that it has committed 50 mln dlrs
toward the purchase of the shares including those already
purchased.
The company also said it has retained Dean Witter Reynolds
Inc to assist in raising the balance of the financing.
According to Entertainment, its company and its chairman
own about 4.3 pct of Crazy Eddie's currently outstanding
shares.
Additionally, the company said it is willing to negotiate
all aspects of its offer and is willing to consider a
transaction which would be tax free to Crazy Eddie's
shareholders.
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India's state-owned Oil and Natural Gas
Commission (ONGC) plans to drill more wells in the Bombay
offshore area, where a well spudded in February this year gave
both oil and gas, an ONGC spokesman said.
The exploratory well, spudded at a depth of 2,140 metres,
yielded 2,000 barrels of oil and 180,000 cubic metres of gas
per day, he said.
"The well, one of the four structures drilled in the area 80
km north-west of Bombay, indicates good prospects of both oil
and gas. We've decided to drill at least three more wells in
there before starting production on a commercial scale."
Production of Bombay High, part of the Bombay offshore
field, has stabilised at around 500,000 barrels per day for the
last two years.
ONGC produced 27.85 mln tonnes of crude in 1986/87 ending
March, up from 27.51 the previous year. Bombay High accounted
for 20.61 mln tonnes, marginally up from 20.10 the year before.
India's total oil output is around 30 mln tonnes.
ONGC has been exploring the Bombay offshore area, developed
since the late 1970s, for more oil as production from Bombay
High has reached a plateau.
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Society for Savings Bancorp Inc
said it has completed its previously announced plan of
acquisition making a new Delaware-chartered bank holding
company the parent of Conneticut chartered Society for Savings.
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Saudi Arabia's renegotiation of its
collective agreement with Aramco to purchase oil for the
latter's ex-partners is moving along and should lead to a
fundamental structural change in the contract, oil industry
sources said.
Petroleum Intelligence Weekly, in this Monday's edition,
said negotiations are moving along for adjustment of the 1.34
mln bpd joint long term agreement at official prices and
volumes and other terms may be rearranged.
The agreement signed in January for the months from
February to June is up for renegotiation.
Under the January contract Aramco was to purchase 1.34 mln
bpd for the four partners allocated among them as Exxon Corp
<XON> 440,000 bpd, Texaco Inc <TX> 350,000 bpd, Mobil Corp
<MOB> and Chevron Corp <CHV> 550,000 bpd between them.
But an overlifting by Texaco Inc in the first quarter
allowed other companies like Exxon Corp to underlift its
obligations under the contract
PIW said that that one alternative under consideration is
to revert to four individual contracts rather than a collective
agrement.
John Lichtblau, director of the Petroleum Industry Research
Foundation Inc said that renegotiation of the pact was more of
a formality as the Saudis have each company on a separate
schedule although separate agreements with the companies would
favor one on one negotiations and ensure that contracted
liftings occur .
"The companies will probably follow the Saudi wants within
limits as they do not want to antagonize them for the long
haul," he said.
Lichtblau said that the renegotiations would most likely
concentrate on volume rather than price.
Saudi displeasure with the agreement has long been noted
and in April industry publications said that renegotiation were
being sought, a fact later confirmed by Reuters with Aramco.
Aramco Corp was formerly owned by Chevron Corp <CHV>, Exxon
Corp <XON>, Mobil Corp <MOB> and Texaco Inc <TX> but is now
owned by Saudi Arabia which bought its assets although the
ex-partners have various agreements with Saudi Arabia.
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Residents of central Oklahoma
returned to their homes over the weekend after a week of heavy
rains and severe flooding that left two dead and caused more
than 20 mln dlrs in damage, officials said.
Some 900 people were evacuated from their homes during the
rains and flooding last week, civil defense officials said.
Many of the shelters set up throughout the state in areas
threatened by flooding, except those near the Washita and Red
Rivers, closed as residents returned to their damaged homes.
Farmers who had expected a near-record wheat crop now say
this year will see one of the largest losses in decades.
Gov. Henry Bellmon, who on Thursday declared a flooding
emergency for central Oklahoma, was expected to ask President
Reagan for federal disaster relief for the area.
In northern Texas, officials reported several tornadoes on
Friday. A twister in Lubbock yesterday damaged six mobile homes
and two houses. No injuries were reported.
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The Bank of England said it provided the
money market with late assistance of around 25 mln stg.
This takes the Bank's total help today to some 137 mln stg
and compares with its latest forecast of a 150 mln stg
shortage.
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CPC International Inc said
it has completed previously-announced transactions involving
its grocery products businesses in four Asian countries with
Ajinomoto Co Inc <AJIN.T>, raising about 300 mln dlrs.
It said it will receive about 40 mln dlrs more later,
mostly this month, when closings are expected in three more
countries. Proceeds will be used mostly for debt reduction.
CPC said Ajinomoto has purchased its equity in Knorr Foods
Co Ltd, a joint venture in Japan between the two companies,
with CPC to get fees for trademark and technology use.
CPC said Ajinomoto is also purchasing 50 pct interests in
CPC's wholly-owned subsidiaries in Hong Kong, Malaysia, the
Philippines, Singapore, Taiwan and Thailand.
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Porex Technologies Corp said it
has agreed to merge with its partly-owned subsidiary Medco
Containment Services Inc in a deal worth about 380 mln dlrs in
cash and common stock to Porex shareholders.
The company said under the agreement, Prex holders would
receive new Medco shares representing a pro rata share of the
9,159,552 Medco shares now owned by Porex plus a pro rata
shares of the cash value of other porex assets, which is
estimated at 60 mln dlrs subject to adjustment.
Medco now has 16.9 mln shares outstanding.
While exact terms may not be determined until the
transaction becomes effective, Porex said each Porex share is
expected to be exchanged for 0.82 Medco share and 5.38 dlrs in
cash, subject to approval by sharehoilders of both companies.
As part of the deal, Medco will split its stock five for two.
The company said the merger will be accounted for as a
corporate reorganization and be recorded at historical book
values.
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Colt Industries Inc said it signed a
conditional agreement to sell its Woodville Polymer Engineering
Ltd subsidiary in Great Britain to the Dowty Group PLC of
Gloucestershire, England, for 35.9 mln stg.
The deal is scheduled to close by the end of June, the
company said.
Woodville, which makes high technology precision products
for aerospace, automotive and other industries, had 1986 sales
of about 24 mln stg, it said.
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Shr 32 cts vs 22 cts
Net 2,022,000 vs 1,355,000
Revs 16.0 mln vs 13.2 mln
Avg shrs 6,237,000 vs 6,052,000
Six mths
Shr 58 cts vs 42 cts
Net 3,561,000 vs 2,525,000
Revs 30.0 mln vs 26.1 mln
Avg shrs 6,180,000 vs 6,017,000
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Shr two cts vs seven cts
Net 164,000 vs 417,000
Revs 1,345,000 vs 2,021,000
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Shr 27 cts vs 18 cts
Net 1,757,000 vs 1,201,000
Revs 73.5 mln vs 71.2 mln
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Shr three cts vs three cts
Net 421,000 vs 333,000
Revs 2,103,000 vs 2,287,000
Avg shrs 16,068,000 vs 12,041,000
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Video Jukebox Network inc said it signed a
letter of intent to purchase up to 3.5 mln shares of the four
mln shares of the company's common stock from its founder and
president, Steven Peters.
Video said the shares are to be purchased by Louis Wolfson
III, senior vice president of <Venture W Inc>, <National Brands
Inc>, J. Patrick Michaels Jr and <CEA Investors Partnership
II>.
Video said it currently has 7,525,000 shares of common
stock outstanding. The company said it went public earlier this
year and its current ask price was 1-7/8.
CEA Investors Partnership II has planned the partnership to
be operated by Michaels, who is chairman and president of
<Communications Equity Associates Inc>, a media brokerage firm,
Video said.
The terms of the proposed transaction were not disclosed.
Video said Peters will continue as chairman and president
of the company.
It said the parties have until June 29 to agree to all
terms of the letter of intent.
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Qtly div 30-1/2 cts vs 28-1/2 cts prior
Pay July 15
Record June 30
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Shr four cts vs 10 cts
Shr diluted two cts vs 10 cts
Net 1,841,000 vs 978,000
Revs 36.1 mln vs 20.5 mln
Avg shrs 25,734,000 vs 9,200,000
Avg shrs diluted 48,878,000 vs 9,200,000
Reuter
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Shr loss 52 cts vs loss 49 cts
Net loss 3,142,000 vs loss 2,936,000
Sales 40.9 mln vs 40.1 mln
NOTE: Year ago share results adjusted for five-for-four
stock split in August 1986
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Marcade Group Inc said it has agreed in
principle to acquire a prominent, privately-held maker of
ladies' sports wear for an cash, shares and options to purchase
Marcade common valued at about 20 mln dlrs.
In its fiscal year recently ended, Marcade said, the
company to be acquired which owns five U.S. manufacturing
facilities and one offshore had revenues of over 60 mln dlrs
and pretax earnings of about four mln dlrs.
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Utilities Investment Inc said
it still is offering to acquire Pennsylvania Enterprises Inc
for 55 dlrs per share.
It said it is prepared to negotiate its offer.
The Pennsylvania Enterprises board rejected the offer two
weeks ago as being inadequate.
Utilities said it has the financial commitments required to
ensure that Pennsylvania Enterprises' facilities would be
upgraded to insure an adequate supply of safe drinking water.
It said its representatives will be attending Pennsylvania
Enterprises' annual meeting tomorrow in Wilkes-Barre, Pa.
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Raven Industries Inc said it
purchased the utility truck body business of (Astoria
Fibra-Steel, Inc) for cash.
Details of the transaction were not disclosed.
The Astoria product line, which has annual sales of about
2.5 mln dlrs, will be manufactured and sold by Raven's newly
formed subsidiary, Astoria Industries Inc, Raven said. Its
Glasstite Inc subsidiary also manufactures and sells utility
truck bodies.
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Pay N' Pak Stores Inc said it received
two proposals in response to its previously announced
solicitation of potential buyers for the company.
The company said it is evaluating the proposals from Paul
Bilzerian and from a third party which is active in the
leveraged buyout field but which Pay N' Pak declined to
identify.
It said the Bilzerian proposal calls for shareholders to
receive on a blended basis 16.67 dlrs in cash and 3.30 dlrs in
liquidation value of cumulative exchangeable redeemable
preferred stock for each common share.
Pay N' Pak said the second proposal is structured as a
merger in which each holder would receive a combination of
17.50 dlrs in cash and 2.50 dlrs in liquidation value of 13-1/2
pct cumulative preferred.
The company said the dividend on the preferred offered by
Bilzerian would be set so that in the opinion his financial
advisor and the company's financial advisor the preferred would
trade in the public market at its liquidation value.
Dividends on the preferred could be paid at the option of
the surviving corporation in cash or additional shares of
preferred for the first five years, it added..
Pay N' Pak said Bilzerian's proposal is subject to a
physical inventory of merchandise at June 30. Bilzerian did not
provide details with respect to financing of his proposal,
which is not subject to a financing condition.
The company said dividends on the preferred being offered
in the second proposal would be paid in additional preferred in
the first three years and the preferred would be redeemed in
years 12 and 13.
It said the second offer is contingent on the arrangement
of financing, adding the party making the offer is confident of
its ability to obtain the balance of the financing.
Pay N' Pak said the second proposal is conditioned upon a
satisfactory agreement with the company's management regarding
its equity participation in the new company.
The second party anticipates executing a letter of intent
when it delivers its financing commitment to the Pay N' Pak
board that would incorporate an expense reinbursement and
option arrangement, the company said.
Reuter
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Publisher Robert Maxwell's British
Printing and Communicaton Corp PLC said it filed a lawsuit in
U.S. district court against Harcourt Brace Jovanovich Inc, its
directors and advisers to stop, among other things, payment of
the special dividend Harcourt is paying as part of its
recapitalization.
The suit, filed in Manhattan, also names First Boston Corp
<FBC> and seeks to void the issue by Harcourt of 40,000 shares
of super voting preferred stock to First Boston Securities Corp
and the issue of convertible voting preferred stock with
4,700,000 votes in the Harcourt employee stock ownership plan.
The preferred shares to be issued to First Boston have
8,160,000 votes. The suit, brought derivatively on behalf of
Harcourt and individually in British Printing's capacity as a
substantial holder of Harcourt common shares and 6-3/8 pct
convertible debentures.
The suit alleges Harcourt's special dividend exceeds by
more than one billion dlrs Harcout's surplus available for
dividends under New York law and contstitutes a fraudulent
conveyance.
The lawsuit also alleges that Harcourt failed to disclose
that one consequence of the payment of the dividend, which it
terms illegal, will be that shareholders will be liable to
repay it.
Harcourt last week said it would pay 40 dlrs per share to
stockholders as a special dividend. Harcourt also announced an
extensive recapitalization plan, which analysts said was aimed
at thwarting a takeover effort by British Printing.
British Printing last week withdrew its 44 dlr per share,
or two billion dlr offer for Harcourt because of the
recapitalizaton plan. At the time, it said it was reviewing its
alternatives.
British Printing said it filed the suit after consultation
with its advisers. Its lawsuit also alleges that Harcourt
failed to disclose the effect of the special dividend on
Harcourt 6-3/8 pct convertible debentures.
British Printing alleges the effect will be an enormous
increase effective on the June eight record date for the
dividend in the number of Harcourt common shares issuable upon
conversion of the debentures. British Printing also charged
Harcourt is unlawfully coercing debenture holders to convert
denbentures before the record date because Harcourt may not
have enough authorized common shares to honor conversion after
the date.
British Printing holds 460,600 shares and 5.6 mln dlrs
worth of debentures.
The suit also alleges that management, the board of
directors, and First Boston engaged in an illegal scheme of
entrenchment through a combination of selling to First Boston
Securities Corp the super voting preferred at a bargain price,
the grant to the company employee stock plan of convertible
voting preferred, the six mln share open market repurchase
program and the manner in which its financing has been
structured.
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A group controlled by New York
investor Saul Steinberg told the Securities and Exchange
Commission it has acquired 168,500 shares of Pizza Inn Inc, or
5.02 pct of the total outstanding common stock.
The group, which includes Reliance Financial Serivces Corp,
a subsidiary of Reliance Group Holdings Inc <REL>, said it
bought the stock as an investment. It said it might add to its
stake or sell some or all of it.
The Steinberg group said it bought the stock for 1.75 mln
dlrs in open market purchases between April 13 and May 19 at
prices ranging from 13.625 to 14.2661 dlrs a share.
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The Federal Reserve is expected to add
reserves to the U.S. banking system by arranging a round of
customer repurchase agreements during this morning's
intervention period, several economists said.
Some others, however, judged that the Fed has almost
completed its reserve-adding requirement for the statement
period ending on Wednesday and will not need to operate today.
Fed funds were trading at 6-11/16 pct, compared with
Friday's average of 6.63 pct.
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SMG Acquisition Corp, a subsidiary of
Merrill Lynch Capital Partners Inc, said 38.3 mln shares of
Supermarkets General Corp were validly tendered by the midnight
Friday expiration, resulting in a preliminary proration factor
of 85.66 pct.
Merrill Lynch said it expects to announce the final
proration factor within 10 business days and begin payment
immediately thereafter. Shares validly tendered represented
about 98.75 pct of the outstanding shares of Supermarkets
General, the announcement said. The cash tender offer was for
up to 32.8 mln shares at 46.75 dlrs net per share.
Reuter
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Monsanto Chemical Company, a unit of
Monsanto Co <MTC.N>, is to acquire the polyphenyls business of
Rhone-Poulenc Chimie, a unit of Rhone-Poulenc <RHON.PA>,
Monsanto said in a statement issued from its European
headquarters.
The statement did not disclose financial details.
Gustaaf Francx, general manager of Monsanto Chemical Co
Europe-Africa, said the acquisition would help Monsanto to
expand its customer base for polyphenyls, which are used as
components for high temperature heat transfer fluids.
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OPEC OUTPUT IN MAY SEEN OVER CEILING AT 17 MLN BPD LONDON, June
1 - OPEC's May output appears to have risen well above its 15.8
mln bpd ceiling to 17 mln bpd, and the increase is likely to
put a short-term lid on spot oil prices, Kleinwort Grieveson
Securities says.
But Kleinwort's latest World Oil Report said re-stocking
and lower non-OPEC output earlier this year should allow the
group to produce up to 17 mln bpd in the current third quarter.
"On the supply/demand front, the market continues to enjoy a
degree of stability rarely seen in recent years," it said.
It said most OPEC members were overproducing slightly but
only the United Arab Emirates (UAE) was seriously above quota.
The report said Saudi Arabia had been sending clear signals
on the need to maintain oil prices at current levels of around
18 dlrs a barrel and adopt provisional output rises agreed in
December when OPEC meets in Vienna on June 25. If OPEC adopts
the provisional ceilings of 16.6 mln bpd in third quarter and
18.3 mln bpd in the fourth, there will probably be room for
overproduction in the third quarter when demand for its crude
will probably be 17.5 to 18 mln, it said.
It said that the UAE and Ecuador may demand higher quotas
in Vienna, but the biggest obstacle is Iraq, which has refused
to honour its quota as it is less than that of Gulf War enemy
Iran.
But OPEC appears committed to a short meeting and realises
something must be done about the Iraq issue, the report said.
According to Kleinwort's sources, Saudi Arabia has already
held separate talks with Iran and Iraq and is urging Iraq to be
more moderate.
"One strong indication that some kind of deal may be
eventually worked out is the almost complete silence coming
from Iran," it said.
Indications are that, in return for going along with the
Saudi desire to maintain official prices in Vienna, Iran is
seeking concessions from the kingdom on the Iraq issue, it
said.
Kleinwort said the kingdom will face an increasingly uphill
task in trying to maintain prices around 18 dlrs beyond 1987.
Firstly, OPEC hardliners led by Iran are bound to oppose
such a move. Secondly, other OPEC members will press for
another price rise if the dollar remains weak against other
currencies.
Thirdly, Saudi Arabia may be forced to raise prices earlier
than it intended to ward off growing calls for higher prices
from the U.S. To stimulate domestic drilling and exploration.
The report concluded that there is a strong possibility
official OPEC prices will rise to 20 dlrs a barrel by end-1987
and 22 dlrs a barrel by end-1988.
REUTER

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Borden Inc said it is acquiring <Prince
Co Inc> and three companies producing grocery products for 180
mln dlrs.
Borden said the four companies are expected to have 1987
sales totaling 230 mln dlrs.
It said Prince, a Lowell, Mass., producer of pasta and
Italian food sauces, is expected to account for 210 mln dlrs of
this total. This year's sales of Borden pasta -- by the 13
regional brands and the premium Creamette brand distributed on
a nearly national basis -- are expected to toal 285 mln dlrs,
it said.
Borden said the other three companies being acquired are
Steero Bouillon of Jersey City, N.J., Blue Channel Inc, a
Beaufort, S.C., producer of canned crabmeat, and the canned
shrimp products line of DeJean Packing Inc of Biloxi, Miss.
Borden also said the divestment of three operations with
about 50 mln dlrs a year in sales is expected to produce nearly
45 mln dlrs in cash for use toward the purchase of new
businesses.
It said the sale of Polyco of Cincinnati, Ohio, which makes
polyvinyl acetate emulsions, to Rohm and Haas Co <ROH> was
announced by the buyer last month.
Borden said the divestment of two producers of toy models
and hobby items -- Heller in France and Humbrol in England --
is in process.
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(Suburban Bancorp Inc) and
(Woodstock State Bancorp Inc) said they agreed to a merger
under which Suburban will purchase Woodstock's shares for a
total of more than 18 mln dlrs in cash and Suburban Bancorp
shares.
Woodstock is the holding company for the 110 mln dlr State
Bank of Woodstock. The merger will bring Suburban's assets to
661 mln dlrs and its total banks to 13.
The merger is subject to regulatory and shareholder
approval.
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Representatives of major U.K. Based banks
are meeting here today to consider a new plan for reducing the
cost of financing British exports guaranteed by the Export
Credits Guarantee Department (ECGD), senior banking sources
said.
The plan is being developed in conjunction with the ECGD
and the Bank of England.
Neither the ECGD nor the Bank of England would comment on
the plan. However, bankers said one of the main points under
discussion is a plan to refinance the bulk of the ECGD's medium
term credit portfolio in the international capital markets.
The proposals involve introducing a set of interest margins
on ECGD backed debt of 5/16 to 7/8 pct, depending on the size
and maturity of the credit and the currency.
The banks are likely to push for a higher margin. Bankers
said that while these rates would reduce a bank's return they
would still be more than those proposed about a year ago when
the government attempted unsuccessfully to initiate another
cost reduction plan.
At the same time, the banks would be expected to allow the
ECGD to realise additional savings by refinancing existing
government backed credit in the capital markets.
On credits that are refinanced an original lender would
receive a residual margin of 7/16 pct for loans up to 10 mln
stg and 3/16 pct on larger transactions.
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Coca-Cola Bottling Co
Consolidated said it has agreed in principle to sell its
Vancouver-based Canadian bottling subsidiary to Coca-Cola Co
<KO> for undisclosed terms, with closing expected within 60
days subject to regulatroy approvals.
The company said the sale, a previously-announced agreement
for Coca-Cola to buy 1,600,000 Coke Consolidated common shares
and operating cash flow should allow it to reduce its long-term
debvt to about 200 nmln dlrs from 325 mln dlrs at the end of
the first quarter.
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Campeau Corp said its Allied Stores Corp
entered into a definitive agreement to sell its Garfinckel's
division to <Raleigh Stories Corp> for 95 mln dlrs.
The transaction is expected to close in July, the company
said.
Garfinckel's net sales for fiscal 1986 were 111.9 mln dlrs,
the company said.
Campeau said it expects to sell its remaining Allied
divisions in the near future. Campeau announced its first
agreement to sell an Allied unit in April, the company said.
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Wallace Computer Services Inc said
it acquired for 12 mln dlrs in cash and industrial revenue
bonds, certain assets of Rockwell-Barnes Inc, a Chicago-based
office products company.
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<Wolverine Exploration Co> said
substantially all the material aspects of the agreement to sell
its 8.95 pct working interest in the Luckey Ditch unit in Unita
County, Wyo., to Sun Co Inc have been satisfied.
Closing of the transaction is scheduled for June eight,
Wolverine said. The company agreed to sell its interest for
7,250,000 dlrs, subject to downward adjustment for certain
title and state requirements. Sun already owns a 44 pct working
interest in the unit.
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Shr profit one ct vs nil
Net profit 163,016 vs loss 23,527
Revs 250,469 vs 48,473
Note: Full name Consolidated Professor Mines Ltd.
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Geodyne Resources Inc said iit filed a
registration with the Securities and Exchange Commission
covering a planned offering of 3.6 mln warrants to buy its
common.
The company also said its board is evaluating a proposal to
acquire closely-held <Snyder Exploration Co> for one mln
Geodyne shares. Members of Geodyne's senior management also
serve as senior management at Snyder and PaineWebber Group Inc
<PWJ>, which owns 40 pct of Geodyne's 12.6 mln outstanding
shares, has a substantial equity interest in Snyder.
The acquisition is being evaluated by Geodyne board members
not employed by the company, PaineWebber or any company
affiliated with PaineWebber. It will be subject to approval by
the board and series C preferred shareholders.
Geodyne Resources said a registration related to the stock
to be exchanged for Snyder has been filed with the SEC but has
not yet become effective.
The Snyder owners other than PainWebber are Geodyne's
president, Michael W. Tomasso, and its executive vice
president, James D. Snyder.
The company said the warrants will be offered solely to
investors in the PaineWebber/Geodyne Energy Income Program II.
For every 100 dlrs invested in the program, an investor will be
entitled to buy one warrant to purchase one Geodyne common
share at a price equal to 120 pct of the average closing price
of the stock for the 15 trading days prior to formation of the
partnership to which the investor subscribes.
In adddition, Geodyne said, PaineWebber investment
executives who market the program will be entitled to receive
one warrant for every 500 dlrs in subcriptions generated after
a four-year vesting period. These warrants would have an
exercise price equal to 150 pct of the 15-day average.
The company said the warrants are currently priced at 25
cts each, but this price is suject to further evaluation by an
independent underwriter.
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Shr 36 cts vs nil
Net 713,000 vs 1,500
Revs 13 mln vs 9,328,000
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Shr one ct vs nil
Net 32,345 vs 3,772
Revs 9,946,578 vs 5,939,252
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Norway is expected to seek a compromise
solution to defuse a row between Den Norske Stats Oljeselskap
A/S <STAT.OL> (Statoil) and Conoco Norge A/S over which firm
will operate the Heidrun oil field, government sources said.
The sources, who asked not to be named, said the government
will likely recommend that Conoco be allowed to continue as the
field's operator through the development phase, with Statoil
taking over only after production starts in the early 1990s.
Oil Minister Arne Oeien told Reuters the government had
today discused the Heidrun matter but that no final decision
had been taken and several questions remained unresolved.
It was unlikely the government would announce its decision
on Heidrun operatorship until after Thursday's cabinet meeting
and after discussing a proposed solution with both companies,
the sources added.
This spring Norway's state-owned oil company Statoil
exercised an option in the Heidrun field exploration license
that, if approved by the government, would allow it to relieve
Conoco as Heidrun operator, a move sharply criticised by
Conoco.
Heidrun is often cited by the government and industry as
the most likely candidate for the first field development
project on the Haltenbanken exploration tract off central
Norway.
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Year 1986
Net profit 132 billion lire vs 82 billion
Ordinary share dividend 500 lire vs 400
Note - <Finanziaria Di Sviluppo Spa>, a financial services
subsidiary of Fiat Spa <FIAT.MI>, said in a statement that
shareholders approved a previously announced nominal share
capital increase from 125 billion lire to 250 billion.
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A cut of about half a percentage point
in Dutch official interest rates is still in prospect, although
economists said the timing would depend on Bundesbank moves.
Speculation has been rife that the Dutch Central Bank,
encouraged by a strong guilder/mark relationship and wide
premiums for Dutch money and capital market rates over German,
might lower rates without the Bundesbank moving first.
Last month, the Central Bank lowered its special advances
rate to 5.1 pct from 5.25 pct after the Bundesbank dropped its
repurchase tender rate to 3.55 pct from 3.8 pct.
That rate has remained in force, just holding above the
five pct official secured loans rate which governs commercial
bank borrowings.
Given a strong guilder, a further fall in the West German
repo rate would trigger a lower special advances tariff,
forcing an official Dutch rate cut, analysts said.
In February, when the Bundesbank cut its discount rate to
three pct from 3.5 pct, the Central Bank only lowered money
market rates and removed a surcharge over the secured loans
rate on lending under its three month credit quota.
Since then, however, both the Central Bank and Finance
Ministry have made it clear they favour lower official rates.
In April, Central Bank President Wim Duisenberg said he
would follow any Bundesbank cut, and last week the Finance
Ministry expressed satisfaction when it raised 2.25 billion
guilders with a six pct coupon state loan priced at 100.10 pct
for an effective yield of 5.98 pct, the lowest since 1965.
Technically, analysts said, there has to be a difference
between the secured loans rate which applies to lending under
the credit quota, and the tariff on special advances which add
extra liquidity to the money market.
Bank economists and dealers said a West German move to
further lower the rate on securities repurchase pacts would
result in the Central Bank easing the special advance rate,
provided the guilder/mark relationship permitted.
The Central Bank aims to keep the guilder stable around its
parity value within the European Monetary System of 112.673
guilders per 100 marks.
Today, foreign exchange buying pushed the mark up 10
guilder cents to 112.705 guilders per 100 at the fix, a level
that would not permit a change in the interest rate
differential between West Germany and the Netherlands, dealers
said.
An economist at ABN Bank said he expected West German and
Dutch interest rates to ease in the short term. However, he
said new wage agreements in West Germany had raised inflation
expectations which would put upward pressure on interest rates
in the longer term.
In the Netherlands, the inflation outlook for 1987 is nil,
or even negative, while the latest official economic forecasts
point to a falling rate of economic growth.
"It will depend on the outcome of collective wage agreement
negotiations here whether there could be cost push inflation,"
the ABN economist said.
He said Dutch money supply growth, which ran at 3.4 pct in
January, could also contribute to some inflation.
At Amro Bank, a leading analyst said inflation could run to
two pct next year. The bank expects Dutch capital market rates,
currently averaging around 6.1 pct, to stop easing in the
second half of this year and stabilize around 5.6 pct.
Analysts said an official rate cut could trigger a buying
spree on the bond market which would bring yields down,
probably only temporarily, while money rates could fall below
five pct.
Currently, all periods are traded at 5.12 to 5.25 pct in
the money market.
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Royal Gold Inc said it has signed two
agreements in principle to acquire the stock of two
<Transwestern Mining Co> units for 1.1 mln shares of Royal Gold
common stock.
Royal said the assets of the units it will acquire from
Transwestern are mostly gold properties.
It added it expects to close the deals on June 18 and 19,
subject to standard closing conditions, including title and
environmental approval and closing of a definitive agreement.
Royal said the shares issued in the deal will be subject to
registration rights.
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Shr 12 cts vs six cts
Net 398,318 vs 211,801
Sales 7,385,107 vs 7,275,162
Six Mths
Shr 22 cts vs 13 cts
Net 736,219 vs 446,288
Sales 14.3 mln vs 14.2 mln
NOTE: Per share earnings adjusted for ten pct stock
dividend paid February 1987.
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Andover Group, a Great Falls, Va.,
investment partnership that is seeking control of HBO and Co,
said it raised its stake in the company to 2,026,000 shares, or
8.7 pct of the total, from 1,626,000 shares, or 7.0 pct.
In a filing with the Securities and Exchange Commission,
the partnership said it bought 400,000 HBO common shares for
5.4 mln dlrs on May 28.
The group, which has a slate of candidates seeking board
seats, said it would decide whether to submit an offer to
acquire the company after the HBO annual shareholders meeting,
which was to have been April 30, but was postponed.
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Humana Inc said a Florida Judge
approved a previously announced proposal for the company to buy
certain assets of International Medical Centers, which had been
declared insolvent and put into receivership in early May.
Humana said it will pay 40 mln dlrs to the state's
Department of Insurance to pay prior claims and 20 mln dlrs in
working capital.
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Diversified Industries Inc plans to
recover more than four mln dlrs from the sale of two marginal
subsidiaries, chairman Ben Fixman told the annual meeting.
Fixman said Diversified Industries, as part of its effort
to redeploy assets, wants to sell its Theodore Sall Inc and
Liberty Smelting Works (1962) Ltd units. The two either lost
money or had marginal profitability in recent years, he said.
Diversified also said it is in the process of obtaining six
mln dlrs in an industrial revenue bond financing from the State
of Connecticut to modernize the company's Plume and Atwood
Brass Mill plant in Thomaston, Conn.
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Corporate Life Insurance Co, a West
Chester, Pa., insurance firm, told the Securities and Exchange
Commission it has acquired 44,600 shares of preferred stock in
Piezo Electric Products Inc, or 10.8 pct of the total.
Corporate insurance said it bought the cumulative
convertible preferred stock stake for 199,690 dlrs for
investment purposes.
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Cellular Inc said it reached a definitive
agreement to sell assets of its wholly owned Michigan Cellular
Inc to Century Telephone Enterprises Inc <CTL> and add 28 cts a
share to the year's earnings as a result.
It said the sale, subject to regulatory approval,
represents a capital gain in excess of 800,000 dlrs over the
original price paid by Cellular for its cellular interests in
Michigan, acquired in December 1986.
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Shr 17 cts vs four cts
Net 373,000 vs 82,000
Sales 10.1 mln vs 7,825,000
Year
Shr 45 cts vs 27 cts
Net 981,000 vs 595,000
Sales 34.5 mln vs 28.5 mln
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Utilization of offshore mobile rigs in
the Gulf of Mexico climbed by 2.1 pct last week to 38.9 pct,
reflecting a total of 91 working rigs, Offshore Data Services
said.
One year ago, the Gulf of Mexico utilization rate was 32.5
pct. Offshore Data Services said some drilling contractors had
reported recent increases of about 1,000 dlrs a day on large
jackup rigs, which now command rates of 11,000 to 12,000 dlrs a
day.
In the European/Mediterranean area the rig utilization rate
rose 0.6 pct to 53.6 pct, against 67.3 pct one year ago.
Worldwide rig utilization rose by 1.2 pct to 57.7 pct,
reflecting a net increase of eight working rigs. Offshore Data
Services said a total of 419 rigs were in use worldwide and 307
were idled last week.
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Dotronix Inc said it completed
the acquisition of Video Monitors Inc for 3.92 mln dlrs.
Video Monitors is a privately-owned Wisconsin-based
manufacturer of video display and and video monitor devices.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
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Shr 11 cts vs eight cts
Net 248,000 vs 155,000
Revs 4,385,000 vs 2,487,000
Year
Shr 36 cts vs 12 cts
Net 720,000 vs 220,000
Revs 15.2 mln vs 9,253,000
NOTE: Share adjusted for 10 pct stock dividend in April
1987.
Reuter
| [
0,
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0,
1,
0,
0,
0,
0,
0,
0
]
|
April 30 end
Shr loss one ct vs loss two cts
Net loss 83,116 vs loss 266,037
Sales 1,393,455 vs 1,035,500
Reuter
| [
0,
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0,
1,
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|
The French Cereals Intervention Board
(ONIC) will tender Wednesday for 20,000 tonnes soft wheat for
Pakistan under the French food aid programme, an ONIC official
said.
The grain will be shipped between June 15 and July 15.
ONIC also will hold a tender June 9 for 65,000 tonnes soft
wheat under the European Community food aid programme, for
shipment in bulk during August, the official said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
Clark Copy International
Corp said it bought a Norwegian drafting machines company for
three mln U.S. dlrs.
Clark Copy said its majority-owned Norwegian subsidiary,
Interactive Computer Aids Co of Norway, purchased Kongsberg
Drafting Systems, a division of Norwegian state-owned Kongsberg
Vappenfabrikk.
Kongsberg Drafting's annual worldwide sales are about 15
mln dlrs, Clark Copy said.
Reuter
| [
1,
0,
0,
0,
0,
0,
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0,
0,
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]
|
The U.S. drilling rig count fell by four
last week to a total of 758, against 723 working rigs at this
time last year, Baker Hughes Inc said.
In Canada, the weekly rig count rose 19 to 100, compared to
46 working rigs last year.
Among individual states, the steepest declines were in
Oklahoma and Louisiana which lost eight and seven,
respectively. Drilling increases were reported by Michigan, up
by five rigs, and Ohio and Pennsylvania which each rose by
three. Baker Hughes said the total of 758 working rigs in the
United States included 84 rigs working in offshore waters.
Reuter
| [
0,
0,
1,
0,
0,
0,
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0,
0,
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]
|
A trade bill before the United States
House of Representatives "is a very dangerous bill for Canadian
industry," Canadian Forest Industry Council chairman Adam
Zimmerman told reporters.
By changing the definition of subsidy under U.S.
countervailing duty law, House of Representatives Bill 3
removes protection for companies that take advantage of widely
used government programs, Zimmerman told a media briefing.
"Clearly, any industry to which Canadian governments grant
rights to fish, mine, cut timber, or produce power could be
vulnerable to a finding of a subsidy under this language," he
said.
The Canadian forest lobby's Zimmerman also said the House
of Representative Bill would adopt a new way of measuring
subsidies that would greatly increase the size of any
countervailing duties that might be imposed on Canadian
resource exports to the U.S.
Under the bill, any difference between Canadian prices and
U.S. or world market prices would constitute a subsidy, he
said. Such a method would make Canadian resource industries
vulnerable to similar penalties like a 15 pct export tax
imposed last January on shipments of Canadian softwood lumber
to the U.S., Zimmerman added.
Canadian negotiators agreed to levy the new tax if a U.S.
forest industry lobby would drop its request for a countervail
duty on imports of Canadian softwood lumber.
"We represent the first victim of the move to price other
countries' natural resources according to the U.S. system,"
Zimmerman said.
"If we're an example, than other resource industries had
better watch out," he added.
Zimmerman said the Canadian Forest Industry Council plans
to discuss concerns about the U.S. trade bill with lobby groups
from other Canadian resource industries.
Reuter
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0,
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0,
0,
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Society for Savings said it has
completed a merger into newly formed holding company Society
for Savings Bancorp Inc on a share-for-share basis.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
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|
Shr profit three cts vs profit 31 cts
Net profit 330,;575 vs profit 1,4;73,100
Revs 1,501,996 vs 2,602,568
Avg shrs 10,964,786 vs 4,446,958
Year
Shr loss eight cts vs profit six cts
Net loss 91,523 vs profit 746,289
Revs 3,854,821 vs 5,231,598
Avg shrs 6,091,334 vs 4,446,958
NOTE: Share results after preferred dividend requirements
of 44,174 dlrs vs 99,901 dlrs in quarter and 377,111 dlrs vs
480,851 dlrs in year
Company 40 pct owned by PainWebber Group Inc <PWJ>
Reuter
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LADD Furniture Inc said it has
completed the previously-announced acquisition of
privately-held Colony House Furniture Inc for an undisclosed
amount of cash and notes.
Reuter
| [
1,
0,
0,
0,
0,
0,
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Philip Crosby Associates Inc
said it has agreed to acquire Process Integrity Inc of Dallas,
a computer software designer, for undisclosed terms.
It said Process' software helps companies monitor
industrial processes, identifies problems and recommends
solutions.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
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]
|
Peerless Manufacturing Co said it has sold
its Industrial Sensors and Instruments Division and Panhandle
Equipment Co subsidiaries for a total of 635,000 dlrs in cash.
It said the transaction will result in a loss of about
605,000 dlrs or 50 cts per share, which it will take in the
fourth quarter ending June 30. Peerless said due to the sale it
will probably have a loss for the year.
It said it sold the units, to buyers it did not name, due
to increasing losses caused by the depressed petroleum
equipment market.
Peerless earned 576,000 dlrs or 63 cts per share in fiscal
1986.
It said the units being sold lost 28 cts per share in the
first nine months of fiscal 1987 and 12 cts in all of fiscal
1986.
Reuter
| [
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0,
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[
1,
0,
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0,
0,
0,
0,
0,
0,
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]
|
|
Shr profit four cts vs profit three cts
Net profit 64,197 vs profit 56,437
Revs 4.9 mln vs 1.6 mln
Six months
Shr profit four vs loss seven cts
Net profit 67,133 vs loss 114,427
Revs 9.1 mln vs 2.8 mln
NOTE:1987 first half includes revnues of new racetrack
operation.
Reuter
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0,
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0,
1,
0,
0,
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0,
0,
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]
|
Semicon Tools Inc said it has
signed a letter of intent to acquire a majority interest in
privately held East Coast Sales, a distributor and fabricator
of technical ceramic products and disposable clean room
materials and supplies.
Terms were not disclosed.
It said it expects to acquisition to result in a
substantial sales increase.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Safety-Kleen Corp said it completed
the acquisition of an 80 pct interest in BresLube Enterprises,
for about 12 mln dlrs in stock and cash.
BresLube, based in Toronto, collects used lubricating oils
from auto garages, car dealers and other businesses, and
re-refines it for resale. Its annual revenues are about 18 mln
dlrs.
Reuter
| [
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0,
0,
0,
0,
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0,
0,
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|
SPI Holding Inc, a group consisting of
Hicks and Haas and Acadia Partners LP, said it has received
commitments for the senior bank financing needed to complete
its proposed acquisition of Spectradyne Inc for 46 dlrs a share
in cash or securities, or a total of about 452 mln dlrs.
The transaction was conditioned on the arrangement fo
financing by today.
It said it has also executed multi-year employment and
non-competition agreements with five Spectrayne senior managers.
Reuter
| [
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0,
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0,
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Computer Associates International Inc's
800 mln dlr merger with Uccel Corp <UCE> will eliminate its
strongest rival, but the company still faces stiff competition
from International Business Machines Corp <IBM>, Wall Street
analysts said.
"IBM is still the ruling force in mainframe systems
software," said Scott Smith, an analyst with Donaldson Lufkin
and Jenrette.
"But the combination of the two companies will clearly
present a much stronger front," he said.
Besides IBM, "Computer Associates will be far and away the
most powerful company in the field," added E.F. Hutton analyst
Terence Quinn.
That field is a segment of the market known as system
utilities, or software packages that boost the productivity of
a company's data processing facilities by increasing the speed,
power and efficiency of large mainframe computers.
The merger of Uccel and Computer Associates combines the
two biggest systems utilities suppliers other than IBM.
Analysts said the remaining players are mostly small firms that
will find the competition much harder than in the past.
For Computer Associates, the merger with Uccel caps a
six-year acquisition campaign that has vaulted the Garden City,
N.Y.-based company to the top of the software industry.
When the deal is completed sometime in August, the
company's revenues will exceed 450 mln dlrs, pushing it past
Microsoft Corp <MFST> as the world's largest independent
software vendor.
Computer Associates founder and chairman Charles B. Wang
took the company public in 1981, and since then he has bought
15 companies and boosted annual sales from 18.5 mln to 309.3
mln dlrs for the year ended March 31.
Liemandt took charge of Wyly, sold off its non-computer
businesses and decided that it would focus solely on mainframe
computer software. In 1984, the company was renamed Uccel Corp.
Liemandt, who said he will leave the company after the
merger is completed, also turned to acquisitions for growth.
On the last day of 1986, Uccel completed the buyouts of six
companies for a total of about 60 mln dlrs.
For 1986, it earned 17.0 mln dlrs, or 1.01 dlrs a share, on
sales of 141.5 mln dlrs.
The agreement took industry analysts by surprise, largely
because the companies had been such bitter rivals. Also,
Dallas-based Uccel had engineered a strong comeback from the
dark days of 1982, when, as Wyly Corp, it lost 7.7 mln dlrs, or
56 cts a share.
At that time, Wyly owned a potpourri of 13 different
businesses, only three of which were involved in computer
software. In 1983, Walter Haefner, a Swiss financier and a
major Wyly investor, lured Gregory J. Liemandt away from his
job as chairman of General Electric Co's <GE> computer services
unit.
Computer Associates' Wang and Uccel's Liemandt said at a
news conference that the merger would give computer users a
single source for a wide range of software products.
In addition to system utilities, Computer Associates also
sell products for microcomputers, while Uccel has made inroads
in the applications software market, where analysts said it has
been successful with accounting and banking systems.
Wang said Computer Associates would continue to support and
enhance both companies' product lines, but noted that the
company will eventually weed out duplicate offerings. He said
about 20 pct of the companies' products overlap.
Analysts said the merger would dilute the holdings of
current Computer Associates shareholders by about 10 pct. But
they joined Wang in forecasting that the deal will not dilute
Computer Associates' earnings for the current fiscal year.
Quinn of E.F. Hutton said Wang has a proven track record of
completing acquisitions without earnings dilution. Therefore,
he said he would not change his 1988 earnings estimate of 1.05
dlrs a share.
Wang said he would look closely at the combined operations
of the two companies and cut duplication in sales, marketing
and research and development.
Analysts said Computer Associates paid a premium for Uccel.
Based on Friday's closing price, the company will swap 47.50
dlrs worth of its stock for each Uccel share, which is nearly
33 times Uccel's 1987 estimated earnings of 1.45 dlrs a share.
Stephen T. McClellan of Merrill Lynch Research said most
software companies are currently valued at about 20 times
per-share earnings. But the analyst said Uccel was worth the
premium because of its earnings potential and customer base.
Wang said Haefner, the Swiss investor, would hold about 25
pct of Computer Associates stock after the merger. He currently
owns 58 pct of Uccel.
The executive said the merger would not alter his target of
maintaining sales and earnings growth of 30 pct to 35 pct.
In addition, he said he expects no problems in having the
deal cleared by the antitrust division of the U.S. Justice
Department.
Uccel's Liemandt declined to say what he will do after the
merger, but he did not rule out working together with Wang.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
British press magnate Robert Maxwell said
his British Printing and Communication Corp Plc would not renew
its bid for Harcourt Brace Jovanovich Inc <HBJ> if the lawsuit
filed against Harcourt in New York today fails.
Speaking at a press conference, Maxwell denied market
rumors that British Printing had approached British
institutions to arrange a rights issue with a view to
relaunching its bid for the U.S. publishing concern.
"I don't believe in chasing mirages," maxwell said.
British Printing filed suit in U.S. District Court in
Manhattan to block what Maxwell called a fraudulent
recapitalization announced by Harcourt last week.
Harcourt, in response to a hostile two billion dlr takeover
proposal from Maxwell, planned a recapitalization that would
pay shareholders 40 dlrs per share. Under the plan, it also
said 40 pct of its shares will be controlled by its employees,
management, and its financial adviser, First Boston Corp <FBC>.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
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0,
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]
|
Net 7,237,000 vs 5,938,000
Sales 630.8 mln vs 601.8 mln
Year
Net 34.1 mln vs 20.5 mln
Sales 2.75 billion vs 2.61 billion
NOTE: Twelve and 52-week periods.
Generale Occidentale SA subsidiary.
Prior year net both periods includes 7,580,000 dlr pretax
charge for store closings.
Year net includes pension gain 3,455,000 dlrs vs charge
5,502,000 dlrs due to change in pension accounting.
Income tax rate for year 45.9 pct vs 34.1 pct due to
abolition of investment tax credits. Elimination of investment
tax credits approximately offset gain from change in pension
accounting, company said.
Reuter
| [
0,
0,
0,
1,
0,
0,
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0,
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]
|
U.S. Video Vending Corp said it
completed acquiring First National Telecommunications INc from
First National Entertainment Corp for about 10 mln, or a
controlling interest of U.S. Video Vending shares.
Pursuant to the transaction, Harvey Seslowsky and William
Hodes resigned from U.S. Video's board and were replaced by
four members of First National.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Privately-held Rapid-American Corp said
it has completed the previously-announced acquisition of 66
Kresge and Jupiter stores from K Mart Corp.
The company said it plans to operate 57 of the stores as
McCrory Five and 10 variety stores and close the others by the
end of July.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 58 cts vs 53 cts
Shr diluted 54 cts vs 53 cts
Net 1,957,745 vs 1,594,009
Sales 95.8 mln vs 87.4 mln
NOTE: Average shares up 11.7 pct on primary basis.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
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]
|
Total Health Systems Inc said it
has agreed to acquire CoMED Inc of Denville, N.J., a health
maintenance organization with over 63,000 subscribers, for an
undisclosed amount of cash, the assumption of liabilities and
the provision of up to 10 mln dlrs in equity and debt
financing.
The company said the acquisition is subject to regulatory
approvals.
It said CoMED had 1986 revenues of 30.0 mln dlrs and
earnings of 650,383 dlrs and had revenues for the first four
months of 1987 of 13.6 mln dlrs, up 60 pct from a year before.
Reuter
| [
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0,
0,
0,
0,
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0,
0,
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|
United Asset Management corp said it
has completed the acquisition of Rice, Hall, James and
Associates of San Diego for undisclosed terms.
It said Rice Hall manages investments for institutions and
individuals and has about 690 mln dlrs in assets under
management currently.
Reuter
| [
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0,
0,
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0,
0
]
|
[
0,
1,
0,
0,
1,
0,
0,
0,
0,
1
]
|
|
Computerland Corp said an
investor group led by the financial services firm E.M. Warburg
Pincus and Co Inc has agreed to acquire Computerland's
business.
Computerland, a privately-held company said to be the
world's largest retailer of personal computers, declined to
provide details of the arrangement.
But the company said it expects to close the acquisition
over the next 60 to 90 days.
In announcing the transaction, Computerland said the
acquisition will provide it with resources and support to
maintain and expand its leadership position in the computer
retail industry.
Computerland also said its network retail sales in 1986
totalled 1.45 billion dlrs.
Reuter
| [
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|
[
1,
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0,
0,
0,
0,
0,
0,
0
]
|
|
Piosec Technology Ltd said it
exchanged 4.5 mln common shares for 21 pct of privately owned
<Alliance Semiconductor Corp> of Santa Clara, Calif.
Followin the acquisition, a Piosec spokesman said, the
company has 6.5 mln shares outstanding.
Reuter
| [
1,
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0,
0,
0,
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|
Co-operative Bancorp said it
completed the acquisition of all the issued and outstanding
stock of the Quincy Co-operative Bank <QBCK.O>.
Under the agreement, Quincy stockholders will receive 30
dlrs cash for each share owned of the Quincy Co-operative Bank,
for a total transaction of approximately 50 mln dlrs,
Co-operative said.
Reuter
| [
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]
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[
0,
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0,
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0,
0
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|
|
Monsanto Co said it is acquiring
certain commerical assets of <Rhone-Poulenc Chimie's>
polyphenyl business.
Terms of the transaction were not disclosed.
Among the assets being acquired are its polyphenyl business
worldwide, including biphenyl and the heat transfer fluid
Gilotherm TH, together with associated manufacturing and
application technology, Monsanto said.
Reuter
| [
1,
0,
0,
0,
0,
0,
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0,
0,
0
]
|
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