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Health and Rehabilitation
Properties Trust said it reached an understanding to purchase
three nursing facilities in Mass. and Conn. for 29 mln dlrs
from Greenery Rehabilitation Group Inc <GRGI.O>.
The buildings will be leased back to Greenery for an
initial term of seven years, subject to renewal options for an
additional 23 years, Health and Rehabilitation Properties said.
The transaction is expected to close on or before August 31.
Reuter
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BSN Corp said it holds less than five pct
of MacGregor Sporting Goods.
The company said the stock was acquired through recent open
market purchases and the stake does not require specific
disclosure.
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Vernitron Corp said it has set a
new record date for shareholders entitled to vote on the
proposed merger of Vernitron Corp with SB Holding Corp for July
10.
Vernitron, which manufactures electromechanical components
and related products and services, said it expects that a
special meeting of shareholders will be held in August.
Vernitron said that SB Holding holds 55.2 pct in Vernitron,
resulting from a tender offer in November 1986.
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The Federal Reserve Board said it
approved Citicorp's application to purchase through its
subsidiary, Citicorp Savings of Oakland, Calif., some assets
and assume some liabilities of Sears Savings Bank of Glendale,
Calif.
Citicorp Savings proposed to assume two billion dlrs in
deposits and other liabilities and to purchase 1.9 billion dlrs
in assets of 50 branch offices of Sears Savings.
The proposal involved less than one third of the assets and
liabilities of Sears Savings, owned by Sears, Roebuck and Co
<S>.
The Fed said that it generally has determined there were
potentially adverse effects of allowing affiliations of banks
and savings and loan associations, although it has allowed bank
holding companies to acquire some failing thrifts.
It said Citicorp's proposal "properly may be viewed as the
permissible acquisition of certain assets and liabilities of S
and L branches rather than the acquisition of an S and L."
Citicorp Savings, the successor to the failed Fidelity
Savings and Loan Association, has assets of 4.9 billion dlrs
and operates 86 branches in California, mainly in the north.
Sears Savings has 6.6 billion in assets and 91 branches
predominantly in southern California.
The application, which was approved unanimously, will not
eliminate Sears Savings as a competitor, the Fed said.
Reuter
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ICN Pharmaceuticals Inc said
it purchased the remaining 225,000 shares of Viratek Inc
<VIRA.O> owned by Eastman Kodak Co owned as part of a
previously announced program.
The company said it paid Kodak 10.50 dlrs a share or 2.4
mln dlrs. As previously announced, ICN also said it authorized
the additional purchase of up to 1.5 mln shares of Viratek
common. To date, ICN said it bought a total of about 1.2 mln
shares of Viratek, including the shares purchased from Kodak.
The company said it now owns 56 pct of Viratek as a result
of these transactions.
Reuter
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Oper shr 50 cts vs 40 cts
Oper net 20.8 mln vs 16.4 mln
Revs 531.7 mln vs 418.7 mln
NOTE: 1987 1st quarter net excludes a gain of 47.1 mln dlrs
or 1.14 dlrs a share for discontinued operations.
Reuter
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Maxtor Corp said it bought
privately-held Storage Dimensions Inc for an undisclosed sum.
The company said Storage Dimensions incorporates Maxtor's
high-capacity 5-1/4-inch Winchester and optical disk drives
into a family of data storage subsystems for IBM PCs, XTs, ATs
and compatibles.
Storage Dimensions is the creator or SpeedStor software, a
utility program that integrates high-capacity disk drives into
PCs.
Maxtor said the purchase reflects its desire to compete in
the high-capacity segment of the PC market.
Reuter
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Shr 19 cts vs seven cts
Net 936,000 vs 351,000
Revs 153.3 mln vs 145 mln
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A group of companies controlled by
Brookehill Partners Inc told government authorities it may
support a buyout of Cardis Corp as a way to maximize the value
of the company's stock.
In a filing with the Securities and Exchange Commission,
the group disclosed that it currently holds a 5.5 pct stake in
Cardis common stock, and said it "would likely support" an
acquisition of the company as a whole or in parts by another
party, terming such a move "the most likely means for the
company's shareholders to maximize the value of their
investment."
Although the group characterized its Cardis stock holdings
as principally for investment, it said it intends to contact
third parties who might be interested in an acquisition of
Cardis, a Los Angeles-based auto parts distributor.
The group added its has already had "some contacts" with
others concerning the company, but said no understandings have
been reached.
"The (Cardis) common shares continue to offer opportunity
for price appreciation on the basis of the company's asset
value and earnings momentum," the Brookehill group told the
SEC.
The group, which currently holds 318,900 Cardis common
shares, consists of New York-based Brookehill Partners and its
two subsidiaries, Brookehill Equities Inc, a brokerage, and
Moore, Grossman and deRose Inc, an investment advisor. Walter
Grossmman, S. Edward Moore and Robert deRose, all of New York,
each own one-third interests in Brookehill Partners.
Since April 27, members of the Brookehill group made net
purchases of 6,000 Cardis common shares at approximately 4 dlrs
a share. The group told the SEC it may continue to purchase
additional Cardis stock, but also reserved the right to sell
its shares in the company.
Reuter
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U.S. House Speaker Jim Wright said he
would question President Reagan tomorrow about his plan to
protect Kuwaiti oil tankers with U.S. warships from attacks by
Iran in the Gulf.
House and Senate Democrats, who control Congress, have been
critical of Reagan's plan but have not decided how or if they
should try to pass legislation to prohibit it.
Wright, a Texas Democrat, told reporters the Administration
had gone ahead with plans to reflag the Kuwaiti tankers as U.S.
ships without asking Congressional leaders for their advice.
Reuter
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Caremark Inc and Baxter
Travenol Laboratories Inc jointly announced that Caremark
shareholders will vote on July 31 to approve the previously
announced merger with Baxter.
The companies said Caremark shareholders of record as of
June 26 will be entitled to vote at the meeting to be held in
Newport Beach, Calif, at 1000 PDT.
On May 11, Baxter and Carmark announced a definitive
agreement for Baxter to acquire Carmark in a stock transaction
valued at 528 mln dlrs.
Reuter
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The Securities and Exchange
Commission charged Allied Stores Corp with failing to promptly
disclose key steps it was taking last September to thwart a
takeover attempt by Campeau Corp.
In an administrative complaint, the SEC said Allied and its
legal adviser failed to promptly inform shareholders and the
agency that it had begun talks with Youngstown, Ohio, shopping
center developer Edward DeBartolo in response to Campeau's
takeover offer.
Campeau acquired Allied for an estimated 4.2 billion dlrs
on Jan 1, following a battle with DeBartolo.
On Sept 25, a day after Allied disclosed that its board had
urged rejection of Campeau's Sept 12 tender offer for 58 dlrs a
share, Allied began negotiating the sale of six shopping
centers to DeBartolo, the SEC said.
Allied legal advisor and director George Kern, who heads
the merger and acquisitions group at the New York law firm of
Sullivan and Cromwell, decided against amending Allied's SEC
filing to disclose the talks even though they had resulted in
sales price of 405 mln dlrs for the shopping centers, it said.
Securities law requires takeover target companies to
promptly disclose such things as the sale of major assets.
The day after Campeau increased its tender offer to 80 pct
of Allied's stock from 55 pct and raised its bid to 66 dlrs a
share from 58 dlrs on Sept 29, Allied and a partnership headed
by DeBartolo began negotiating a takeover deal aimed at
thwarting Campeau, the SEC said.
Kern again decided against disclosing the talks in an
amended SEC filing, the agency charged.
Allied's first disclosure of the DeBartolo takeover was
made on Oct 8, even though its board approved the merger on Oct
3 and the merger agreement was executed on Oct 7, the complaint
said.
DeBartolo and Campeau later engaged in a bitter battle for
control of Allied, with Campeau winning out later in October
when it bought a block of 25.8 mln shares of Allied stock, or
48 pct of the total, in a controversial move made only minutes
after it dropped its hostile tender offer.
The acquisition of the additional 48 pct, which a federal
judge allowed to be completed, gave Campeau a majority stake in
Allied. Campeau bought the rest at 69 dlrs a share.
The SEC said it had planned to file a court brief joining
with Allied in charging that Campeau had engaged in an illegal
tender offer.
But the SEC brief was never filed since the case was
dropped following an agreement between Campeau and DeBartolo.
In the administrative proceeding against Allied and Kern,
the SEC is asking for an administrative order that they comply
with reporting provisions of securities laws in the future.
Although Allied is no longer publicly traded since it
became a subsidiary of Campeau, it still files annual and
quarterly reports to the SEC because it has outstanding debt.
Reuter
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Shr 31 cts vs n/a
Net 671,000 dlrs vs 1,256,000 dlrs
Year
Shr 1.85 dlrs vs n/a
Net four mln dlrs vs 2.8 mln dlrs
Assets 426.4 mln dlrs vs 334.1 mln dlrs
Deposits 323.1 mln dlrs vs 277.2 mln dlrs
Loans 335.9 mln dlrs vs 254.9 mln dlrs
Note:the company does not give 1986 per share earnings as
it converted from a mutual savings bank to a stock savings bank
in January 1986
Reuter
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Allied-Signal Inc said it
completed the sale seven businesses in its electronics and
instrumentation sector for 1.8 billion dlrs in cash and in debt
assumed by the purchasers.
The company said last December its would sell the units by
mid 1987. It did not identify the buyers.
The company said the proceeds will be used to reduce debt,
continue the company's share buyback program, and increase
strategic investments in its core businesses and other
corporate purposes.
It said the units sold were Ampex Corp, Amphenol Prodcuts,
Linotype Group, Neptune International, MPB Corp, Revere Corp
and Sigma Instruments Inc.
Reuter
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Cycare Systems Inc, an
information processing systems company, said it purchased the
assets of Control Data Corp's MedTec unit for undisclosed
terms.
MedTec is a provider of patient accounting and scheduling
systems for large scale group medical practices.
Reuter
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Becor Western Inc said no
business will be transacted at the shareholders meeting
scheduled for 1000 CDT tomorrow and the meeting will be
permanently adjourned.
If a definitive agreement or transaction results from any
of the offers now pending for the company's stock, Becor said,
a date for a new shareholders meeting will be established.
Reuter
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Universal Communication Systems Inc
said it has tentatively agreed to sell substantially all its
assets for about 79 mln dlrs in cash and notes plus limited
profit participation.
The company said the terms of the sale have been approved
by its board and by Prime Motor Inns Inc <PDQ>, owner of about
84 pct of Universal's outstanding stock.
It described the purchaser as a subsidiary of a company in
the communications field which is one of the 100 largest U.S.
corporations.
The company said the transaction involves the payment of 20
mln dlrs in cash, a non-interest bearing payment of 11.3 mln
dlrs in four equal instalments over four years and two
promissory notes guaranteed by an affiliate of the purchaser.
It said a 31.5 mln dlr 14 pct note is payable in four equal
instalments over four years. It said a 16.3 mln dlr 8.5 pct
note due Dec 31, 1992, includes participation in the 1992
profits of the acquiring company. Universdal said the profit
element can be terminated with payments by the purchaser of
either five mln dlrs in 1988, six mln dlrs in 1989, seven mln
dlrs in 1990 or eight mln dlrs in 1991.
Reuter
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Union Enterprises Ltd said its agreement
to sell its interest in Canbra Foods Ltd to Macluan Capital
Corp has been terminated.
Union said Macluan failed to make an offer for Union's 72
pct interest in Canbra before the June 22 deadline.
Union said it is no longer bound by the agreement and is
continuing to seek a buyer for the interest.
Reuter
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SSMC Inc said it has executed a
letter of understanding to acquire the Parts Catalog Division
of <Cutters Exchange Inc> for an undisclosed amount.
SSMC, spun off from the Singer Co <SMF> a year ago, said
that the Parts Catalog Division wholesales parts and needles to
the industrial sewing trade in the U.S.
Under the agreement, key managers and employees of the
Parts Catalog Division in Nashville, Tenn, will relocate to the
SSMC facility in Murfreesboro, SSMC said.
Reuter
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The Treasury Department said it
notified the Netherlands that it was terminating the 1948
income tax treaty as it applies to the Netherlands Antilles and
Aruba.
The termination is effective January 1, 1988, the Treasury
said in a two-sentence announcement.
The Treasury decided to end the treaty after negotiations
between the United States and the Netherlands over the past
eight years had failed to reach an accord, a Treasury spokesman
said.
The decision means the sale by U.S. parent companies of
Eurobonds through Netherlands Antilles subsidiaries will no
longer be free of the 30 pct U.S. withholding tax, the
spokesman said.
Terminating the tax treaty with the Netherlands Antilles
may cause bond issuers to call in the bonds early. Most have
maturities of 10 years or less and were issued before 1984, the
spokesman said.
He said the Treasury did not expect the action to have an
adverse effect on U.S. issuers of the bonds because the general
decline in interest rates means they will be able to refinance
at lower interest rates.
However, the holders of the bonds presumably will be faced
with lower yields.
Reuter
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Carolco Pictures Inc said it signed
a letter of intent to exchange 2.2 mln of its shares for all
Orbis Communications Inc stock within the next 60 days.
It said the Carolco shares used in the exchange are valued
at 7.00 dlrs a share or a total value of 15.4 mln dlrs and will
be adjusted based on the price of Carolco shares on the closing
date.
It said Orbis management will remain in place for at least
three years.
Reuter
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Shr loss 26 cts
Net loss 1,277,737
Revs 3.7 mln
Note: full name Canadian Home Shopping Network Ltd.
Period ended April 30 was company's first quarter of
operations.
Reuter
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Period ended May 31
Oper shr 31 cts vs 29 cts
Oper net 552,035 vs 525,729
Sales 36.7 mln vs 29.1 mln
Nine mths
Oper shr 1.08 dlrs vs 1.04 dlrs
Oper net 1,931,488 vs 1,864,075
Sales 104.9 mln vs 87.6 mln
NOTE: 1986 period ended June One
NOTE: Earnings exclude gain on disposal of discontinued
operations of 162,000 dlrs, or nine cts a share vs loss of
585,175 dlrs, or 33 cts a share in the quarter and a gain of
432,000 dlrs, or 24 cts a share vs a loss of 585,175 dlrs, or
33 cts a share for the nine months
1986 earnings exclude losses from discontinued operations
of 111,024 dlrs, or six cts a share in the quarter and 237,773
dlrs, or 13 cts a share for the nine months
Reuter
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Period ended May 31
Shr 1.81 dlrs vs 1.45 dlrs
Net 113,752,000 vs 90,902,000
Revs 1.12 billion vs 1.20 billion
NOTE: Full name is General Public Utilities Corp
Reuter
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Year ended March 31
Shr loss three cts vs profit 10 cts
Net loss 58,285 vs profit 182,039
Sales 3,857,122 vs 3,188,555
Avg shrs 2,108,080 vs 1,891,250
Reuter
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Seton Co said its board of
directors unanimously approved an agreement and plan of merger
providing for the merger of Seton with a unit of S Acquisition
Corp, a New Jersey company.
Seton said its board of directors unanimously approved the
merger in a meeting held today.
Seton said the agreement and plan of merger provides that
all shares of Seton Co common stock not held by S Acquisition
Corp, or its units, will be converted upon the merger into the
right to receive 15.88 dlrs per share in cash.
Reuter
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Di Giorgio Corp said it plans to
respond to an unsolicited recapitalization plan proposed by
Gabelli and Co Inc after the company, its board and its
investment bankers evaluate the proposal.
Earlier, Gabelli said in a filing with the Securities and
Exchange Commission that it holds a 28.5 pct stake in DiGiorgio
and that it, together with Gamco Investors Inc may seek control
of the company.
In addition, on June 25 the Gabelli group proposed to
acquire all of Di Giorgio's common shares for a combination of
20 dlrs per share in cash, a subordinated note with a face
value of eight dlrs and one common share of the post-buyout
company.
The June 25 buyout proposal remains open until July 17.
Reuter
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Shr 19 cts vs 16 cts
Net 502,000 vs 401,000
Revs 8,791,000 vs 6,650,000
Six mths
Shr 38 cts vs 29 cts
Net 989,000 vs 745,000
Revs 16.3 mln vs 12.5 mln
Reuter
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British Petroleum Company PlC <BP.L> has
completed its merger with Standard Oil Co of the U.S. <SRD>,
raising its holding to 100 pct from 55 pct, BP said in a
statement.
The acquisition was made through BP's wholly-owned
subsidiary <BP America Inc>. BP took a 25 pct stake in Standard
in 1970, raising its stake to 53 pct in 1978 and 55 pct in
1984.
BP chairman Sir Peter Walters will be chairman of BP
America, while Robert Horton is to be vice-chairman and chief
executive officer, with Frank Mosier as president.
BP said further details would be released on July 21.
Reuter
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Shr loss four cts vs loss seven cts
Net loss 267,000 vs loss 445,000
Revs 6,407,000 vs 7,428,000
NOTE: Full name is Thor Energy Resources Inc
Reuter
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Oper shr loss 13 cts vs profit three cts
Oper net loss 644,000 vs profit 184,000
Revs 24.9 mln vs 22.1 mln
Year
Oper shr loss nine cts vs profit 21 cts
Oper net loss 429,000 vs profit 1,123,000
Revs 90.8 mln vs 86.5 mln
NOTE: Revenues exclude medical publishing and retail
operations the company decided to dispose of during the fourth
quarter which had fiscal year revenues of 17.3 mln dlrs vs 14.4
mln dlrs.
Operating results exclude discontinued operations which had
year loss of 364,000 dlrs vs profit 313,000 dlrs.
Reuter
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RTE Corp said it completed the
purchase of the U.S. aluminum electrolytic capacitor business
and related assets of Emhart Corp, for undisclosed terms.
Reuter
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Rochester Telephone Corp said it
completed the acquisition of Canton Telephone Co and is now
operating the company.
Terms of the acquisition were not disclosed.
Canton Telephone serves about 2,900 access lines in
northwestern Pennsylvania and had 1986 operating revenues of
about 1,300,000 dlrs, Rochester Telephone said.
Reuter
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Corporate mergers and acquisitions
in and around San Francisco over the past seven years have had
only a modest effect on the metropolitan area's economy, a
leading business-backed organization said.
The Bay Area Council, a group of more than 300 business
firms, said that a study of corporate restructuring in a
nine-county area found that San Francisco itself had suffered
some ill effects from corporate shake-ups but that surrounding
communities had not.
Seventeen of the 32 Fortune 500 companies in the area left
due to corporate restructuring between 1979 and 1986, but
another 21 firms were added to the list.
Ten of the departing companies were based in San Francisco.
During the period, only six located in the city achieved
Fortune 500 status.
Ted Hall, a council director and local managing director of
McKinsey and Co. which conducted the survey, said the study
grew out of concern that mergers and acquisitions had seriously
hurt the economic climate of northern California.
However, Hall said that only about 36,000 jobs had been
lost in the region, while more than 600,000 new jobs were
created during the period.
At the same time, he said, the region experienced a greater
rise in per capita income and lower unemployment than the rest
of the United States and California.
Council President George Keller, who also is chairman and
chief executive officer of Chevron Corp., told a news
conference that the region had difficulties in persuading
companies to locate there because of a fragmented local
political system.
But he said that because of the amenities of living in San
Francisco, he was the envy of many chief executives in other
metropolitan area.
"It's a great place to run a business," he added, "but it's
a hell of a place to do business with government."
The study concluded that Chevron, which mergered with Gulf
Oil in 1984, would benefit in the long run from the
restructuring activity.
Among the corporate headquarters lost during the period
were Crown Zellerbach, Memorex, Southern Pacific, Castle &
Cooke and Rolm.
Companies that grew enough during the period to make the
Fortune 500 list included Apple Computer, Pacific Telesis,
McKesson, Tandem Computer, U.S. Leasing and Amfac.
The study by the management consulting firm said that,
partly due to corporate restructuring, the rate of job growth
in San Francisco has slowed since 1980.
In addition, it said that the loss of corporate leadership
had adversely affected some of the Bay Area's civic and
charitable activities.
Reuter
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Pittston Co said WTC
International N.V. shareholders approved the acquisition of the
company by Pittston.
Terms of the transaction call for Pittston to exchange
0.523 of its own common shares for each outstanding WTC share,
Pittston said.
WTC is engaged in domestic international air freight, ocean
and surface freight forwarding and consolidation and
distribution services.
Reuter
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Home Federal Bank of
Florida F.S.B. <HFBF.O> said it has scheduled a special
shareholders meetng for July 26 to approve proposed changes to
the bank's charter and merge with Barnett Bank Inc's Barnett
Bank of Pinellas County, N.A.
Home Federal said the meeting is to approve a definitive
agreement signed May 26, calling for each share of Home
Federal's common stock to be exchanged for about 40 dlrs in
market value of Barnett common stock. The exchange would be
based on conversion of Home Federal shares of not less than
1.935 or more than 1.200 shares of Barnett stocks.
At 40 dlrs a share, Home Federal said the total market
value of the transaction would be about 175 mln dlrs.
Home Federal said notice of the meeting and related proxy
materials, which has been filed previously with the Securities
and Exchange Commission and the Federal Home Loan Bank board,
were mailed on June 26, to holders of record on June 15.
Reuter
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A North Sea oil find announced by Chevron
Corp's <CHV> Chevron Exploration North Sea Ltd may indicate a
new field with recoverable crude oil reserves of 300 mln
barrels, industry analysts said.
Chevron said a sidetrack well on block 16/26 on the U.K.
Continental shelf tested 9,000 barrels per day (bpd) of 20 API
crude oil from the tertiary "Alba" sand through a three-inch
surface choke.
"The estimated amount of oil at the Alba field is around 320
mln barrels," Paul Spedding of stockbroker Kleinwort Grieveson
and Co told Reuters.
He said industry estimates put the total reserves at the
field at over one billion barrels, but given the low gravity of
oil, the recovery rate would be expected to be around 20-25
pct.
Analysts said the results were encouraging, but the
potential difficulty of operating and recovering oil in the
field was shown by the fact that the first well had to be
plugged and a sidetrack drilled.
"The field seems to be shallow and widespread, which will
require a multi-platform development in recovery, pushing costs
up," Christopher Osborne of stockbroker Hoare Govett said.
Most analysts said that although the low gravity of the oil
found would require additional costs in recovery, the test well
showed that it flows well.
"Although the gravity of oil at the field seems to be low,
it seems to flow quite well and around 300 mln barrels could be
recovered," Carol Bell of Phillips and Drew told Reuters.
However, Chevron officials declined to comment on the
analysts' reserve estimates. They said that without further
research and drilling in the area this summer, they would not
disclose any reserve figures.
Analysts said that if the field were declared commercial
and developed, there would be a ready local market for the
heavy crude it produced.
"Most refineries are now upgraded to refine heavy oils and
the price differentials between heavy and light crudes are a
lot narrower today," Osborne said.
Chevron operates the block on behalf of 16 companies which
include British Petroleum Development Ltd, DSM Hydrocarbons
(UK) Ltd, Enterprise Oil (TNS) Ltd, Marathon Int. Pet. (GB) Ltd
and Phillips Petroleum Co U.K. Ltd.
Reuter
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Arden Group Inc said it filed a
registration statement with the Securities and Exchange
Commission covering two issuer tender offers.
It said one offer its directed to its class A common stock
holders and another to holders of its 8-1/4 pct debentures due
March 1, 1989.
The planned offer for common stock holders calls for the
company to exchange either 30 dlrs in cash, or 35 dlrs
principal amount of 13 pct subordinated debentures due
September 1, 1997, or one share of a new class B common stock,
for each class A share held, Arden Group said.
It also said the cash payment is subject to proration.
In addition, the company said it plans to offer to exchange
one dlr principal amount of 13 pct debentures due September 1,
1997 for each outstanding one dlr principal amount of 8-1/4 pct
debentures.
Reuter
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] |
The Pakistani government allowed the
private sector to export cotton and rice in a new trade policy
announced to cover the next three years.
Commerce and Planning Minister Mahbubul Haq said in a
televised speech it was also decided to allow duty-free import
of cotton yarn.
Cotton and rice are Pakistan's main exports, which have
been handled exclusively by state corporations since early
1970s. Haq said now the private sector would export cotton and
rice along with the state corporations.
He said duty-free import of cotton yarn was allowed to make
high quality yarn available to local ancillary industries and
to enable them to compete effectively in the world market. This
would help overcome domestic shortages of yarn, he said.
Reuter
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Lomas and Nettleton Financial Corp said
its shareholders approved at a special meeting the company's
acquisition of Equitable Life Leasing Corp for 263.3 mln dlrs.
Equitable Life Leasing Corp is a subsidiary of Equitable
Investment Corp, which is owned by the Equitable Life Assurance
Co of U.S.
Lomas said the acquistion price will consist of one mln in
cash, 1.5 mln shares of the company's common stock, 71,000
shares of a new series C preferred stock, and 8.944 mln dlrs
principal amount of nine pct senior notes due 1994.
The company added that the acquisition will close June 30.
Reuter
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<ALMI Group L.P.> said its
co-chairmen, Michael Landes and Albert Schwartz, and its vice
chairman, Michael Spiegler, have acquired a 50 pct equity
interest in <Clearview Baking Corp> for undisclosed terms.
A. Dale Mayo, Clearview's president and chief executive
officer, will retain a 50 pct interest in the company, ALMI
Group said.
Reuter
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Ecuador will produce crude oil in excess
of its 221,000-bpd OPEC quota during the second half of this
year, Energy Minister Fernando Santos Alvite told a news
conference.
Ecuador plans to produce 280,000 bpd in August, rising to
320,000 bpd next January, the minister said.
"We will be producing more than the quota to pay off the
crude and products we have been lent by Venezuela, Nigeria and
Kuwait and to compensate for the crude we have been unable to
produce during the past few months," he said.
Earthquake damage to a pipeline sharply cut Ecuadorean
production from March to May this year.
Santos said the move had been explained to fellow OPEC
members during last week's meeting in Vienna, when an increase
in Ecuador's quota to 221,000 bpd from 210,000 was approved.
"They understood our position and we believe we remain
within the spirit of the (quota) agreement," he said.
Immediately before the March quake Ecuadorean production
was 250,000-260,000 bpd, with 144,000 bpd exported.
While its production was down, Venezuela, Nigeria and
Kuwait loaned Ecuador a total 12 mln barrels of crude and four
mln barrels of products, Santos said.
Reuter
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Shr 20 cts vs 12 cts
Net 34,088,000 vs 18,727,000
Revs 340.4 mln vs 200.3 mln
Nine mths
Shr 53 cts vs 31 cts
Net 88,661,000 vs 49,059,000
Revs 926.5 mln vs 560.1 mln
Avg shrs 151.1 mln vs 137.0 mln
Reuter
| [
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Oper shr 38 cts vs 32 cts
Qtly div 12 cts vs 12 cts
Oper net 5,430,000 vs 4,707,000
Revs 169.1 mln vs 139.4 mln
Year
Oper shr 1.50 dlrs vs 1.32 dlrs
Oper net 21.5 mln vs 19.1 mln
Revs 602.5 mln vs 524.4 mln
NOTE: 1986 operating net in both periods excludes loss 8.2
mln dlrs, or 56 cts a share, from discontinued operations
Reuter
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Wal-Mart Stores Inc said it has
completed the acquisition of <Super Saver Warehouse Inc> and
Super Saver is now a wholly owned unit of Wal-Mart.
Reuter
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0,
0,
0,
0,
0,
0,
0,
0
] |
Kraft Inc said it completed the
acquisition of Frostex Foods Inc for undisclosed terms.
Kraft said last month it had signed a letter of intent to
acquire the Austin, Texas-based foodservice distributor.
Reuter
| [
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0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtr ended April 30
Shr profit one ct vs loss three cts
Net profit 146,000 vs loss 203,000
Revs 2,001,000 vs 1,493,000
Year
Shr profit four cts vs loss 13 cts
Net profit 445,000 vs loss 827,000
Revs 7,135,000 vs 5,237,000
NOTE: Full name is Precision Target Marketing Inc. Latest
year and quarter includes extraordinary gains of 214,000 dlrs,
or three cts a share, and 85,000 dlrs, or one ct a share.
Reuter
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RTE Corp said it completed the
purchase of Emhart Corp's United States aluminum electrolytic
capacitor business for an undisclosed sum.
The company said the capacitor business is part of Emhart's
electrical and electronic group marketed under the Mallory
brand name.
The company said the product lines it acquired had sales of
25 mln dlrs last year.
Reuter
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0,
0,
0,
0,
0,
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] |
Periods ended April 30
Shr 83 cts vs 94 cts
net 5,583,000 vs 8,403,000
Revs 28.8 mln vs 29.4 mln
Avg shrs 6,754,000 vs 6,802,000
Reuter
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United Medical Corp said it
will sell its Trotter Treadmills Inc unit.
The company said the sale is in line with its strategy of
refocusing on its health care service business. It said it had
received interest from several parties, but no agreement has
yet been reached.
Trotter Treadmills makes motorized treadmills for the
exercise enthusiast and fitness club market. It said its sales
for this year are projected to be over 10 mln dlrs.
Reuter
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Venezuela's cabinet approved a new
exchange rate for oil and mining export earnings, setting it at
14.50 bolivars to the dollar from 7.50 bolivars previously,
Minister Manuel Azpur UA said.
Azpur told reporters after a cabinet meeting that the
measure is "fundamental to conserving the economic and financial
strength of the petroleum industry."
He said the new exchange rate, which goes before the
central bank for final approval tommorrow, will allow the state
oil company Petroleos De Venezuela, S.A.(PDVSA) to solve its
problem of working capital and implement investment plans,
estimated at 20 billion bolivars for 1987. He did not say when
the measure would become effective.
Venezuela's oil industry previously sold its dollar earnings
to the government at 7.50 to the dollar but bought foreign
exchange from its imports at 14.50 bolivars.
The new exchange rate will promote purchases of domestic
goods and services by the industry, Azpur said. He added that
it would also put PDVSA in a position to purchase more
government debt bonds.
PDVSA had available liquid assets of 20 billion bolivars at
the start of this year, of which nine billion were in a trust
fund in the Central Bank of Venezuela (BCV) and placed in
government bonds.
According to a contract between PDVSA and the central bank,
the BCV must provide cash as the oil industry requries by
repurchasing the bonds.
PDVSA's contribution to the treasury last year was 44.480
billion bolivars. It foreign earnings for oil and petrochemcial
sales were 8.023 billion dlrs.
Reuter
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CyCare Systems Inc said it bought
Control Data Corp's <CDA> MedTec unit for an undisclosed sum.
The company said MedTec's new client base could have a
significant impact on long-term revenues, although it expects a
minimal positive impact on earnings in the next six months.
It said the assets purchased include processing agreements,
software maintenance contracts and the supporting software.
Reuter
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|
McChip Resources Inc said it has agreed
to exchange its interest in Oklahoma oil and gas properties
operated by Reserve Exploration Co <REXC.O> for 638,435
restricted Reserve common shares.
The company said it will have a 44 pct stake in Reserve's
outstanding shares as a result of the exchange.
Reuter
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Sales of new single-family homes
tumbled 14.9 pct in May from April levels because of higher
mortgage interest rates, analysts said.
"There should be another month or two of very weak new home
sales but with interest rates stabilizing, sale of new homes
should become more stable by mid-summer," said economist
Lawrence Chimerine of Wharton Econometrics Inc.
The drop in May, to a seasonally adjusted annual rate of
616,000 units, was the largest since January 1982, the Commerce
Department said.
Interest rates on conventional mortgages bottomed out at
about 9.08 pct in March and rose to about 10.7 pct in April,
according to Stephen Roach, economist at Morgan Stanley.
The effect was to freeze some potential new homebuyers out
of the market, he and others said.
"The rates moved very suddenly and were certainly
unexpected by homebuyers," said Cynthia Latta, an economist
with Data Resources. "They were so startled, they wanted to
hold back and see what would happen."
The drop in sales of new single-family home sales was
sharper than expected, some economists said. "We fully expected
a decline but the extent was more than we anticipated," said
James Christian, chief economist for the U.S. League of Savings
Institutions.
Christian said there was a sharp rise in May in sales of
existing homes, which are generally less expensive than new
homes.
Latta of Data Resources said strong sales of new
condominiums in the Northeast and on the West Coast were
reflected in sales of existing but not new homes.
Christian of the U.S. League of Savings Institutions said,
"Underlying housing demand remains strong. I think the market
is going to stabilize and give us a good second half."
Others were less optimistic, however.
"We clearly won't have a boom (in new home sales) but I
don't think this is the start of a collapse in single-family
housing," said Chimerine of Wharton.
Eugene Sherman, chief economist of the Federal Home Loan
Bank of New York, said, "The lower sales level will be
maintained for awhile until there is another change in rates.
There won't be much specific improvement in coming months."
Reuter
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An investor group led by Robert Bass
of Fort Worth, Texas said it owns 786,800 shares of Bell and
Howell Co common stock, equal to 8.9 pct of the company's
common stock outstanding.
In a filing with the Securities and Exchange Commission,
the group said it purchased 511,500 Bell and Howell common
shares between April 29 and June 26 at 44.25 dlrs to 56.02 dlrs
a share.
The stock was acquired for investment purposes, the group
said, adding it may purchase or sell additional shares in the
future.
Reuter
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The United States responded to an
apparent escalation of Iranian rhetoric with continued
assurances that its expanded military force in the Gulf would
play purely a deterrent role.
"I can only emphasize that our role there is deterrent, that
we're going to be assuring safety for American shipping and
that that shipping is not related to the war itself," State
Department spokesman Charles Redman told reporters.
He was asked about Iranian claims that the United States
was moving towards the brink of armed conflict with Iran.
Tehran Radio quoted defence spokesman Ali Akbar Hashemi
Rafsanjani telling a visiting Nicaraguan delegation yesterday,
"At the moment the United States is moving towards the brink of
an armed encounter with us.
"We are not concerned about this and believe that the U.S.
Presence in the war will make our nation even more serious. We
are determined to stand firm and will certainly win."
The United States disclosed last week it was beefing up its
Gulf fleet from seven to 10 warships and also sending the
refurbished battleship Missouri to patrol just outside the
strategic Strait of Hormuz, entrance to the Gulf.
The buildup ties in with U.S. Plans to escort Kuwaiti oil
tankers which have been re-registered to fly the American flag
and gain naval protection against Iranian attacks.
Asked about the Iranian rhetoric, White House spokesman
Marlin Fitzwater said, "We won't have any comment or response to
the Iranian statements. Our position has been made clear about
the status of events in the Gulf. We want an end to the war
with no winners and no losers and any activities or statements
that tend to prolong the war or increase hostilities are not
helpful or welcome."
Redman said he could not independently confirm reports that
Iran has offered to halt attacks on Gulf shipping.
Reuter
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Shr 40 cts vs 11 cts
Net 8,265,000 vs 2,255,000
Sales 248.3 mln vs 245.4 mln
Six mths
Shr 94 cts vs 51 cts
Net 19.4 mln vs 10.6 mln
Sales 531 mln vs 535.8 mln
Reuter
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CXR Telcom Corp and Torotel
Inc agreed in principle to settle pending litigation regarding
the sale of Torotel's former Halcyon Communications Inc unit to
CXR in March, 1986, the two companies said in a joint
statement.
The agreement calls for CXR to pay to Torotel 1,350,000
dlrs in exchange for return of a 2.5 mln dlr note and five mln
CXR common shares valued at 1,7754,000 mln dlrs, the companies
said.
In June, 1986 CXR filed the suit in San Francisco federal
court, charging that the 10.3 mln dlr price it paid for Halycon
was excessive, Torotel said.
It also said that in is suit CXR asked for seven mln dlrs
in damages, along with an unspecified punitive award.
Reuter
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Cablevision Systems Corp said it
bought cable television systems in six Dutchess County, N.Y.,
communities from Dutchess County Cablevision Associates Ltd.
The company said the acquisition of the new systems will
add to its presence in New York. It said it will add 4,400
subsribers to its 568,000 subscriber base.
Reuter
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Austec International Ltd said
its North American unit, Austec Inc, completed the purchase of
privately-held Ryan-McFarland Corp for an undisclosed sum.
The company said the two units combined are expected to
have net revenues of about 25 mln dlrs in 1987.
Ryan-McFarlnad develops COBOL and FORTRAN language
compilers for the micro, mini and mainframe computer markets.
Austec International is based in Melbourne, Australia.
Ryan-McFarland is located in Rolling Hills Estates, Calif.
Reuter
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|
<Campeau Corp> said it is not involved
in the Securities and Exchange Commission's administrative
proceeding against Allied Stores Corp, which Campeau acquired
at the end of last year.
In a statement, the company said, "The SEC action involves
events that occurred prior to Campeau's acquisition of Allied
relating to the alleged failure of Allied to make certain
disclosures. Consequently, Campeau is not subject to the
procedings."
Reuter
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Henley Group Inc's M.W. Kellogg Co
subsidiary said it in consortium with <Inelectra> received a
contract from Corpoven S.A., a Venezuelan-owned domestic oil
company, to revamp and expand its El Palito Refinery.
Kellogg said the installed cost of the work to be performed
is estimated to be 130 mln dlrs. Inelectra, Kellogg said, is a
major Venezuelan engineering firm.
Kellog said the project will enable the refinery to produce
BTX products -- benzene, toluene, and orthoxylene -- by
processing naphtha feed from an expanded reformer-hydrotreater.
Kellogg said the refinery's reformer-hydrotreater will be
upgraded to 9,500 barrels a day capacity from 7,500.
It said the new BTX process units include aromatic
extraction, xylene fractionation, xylene isomerization and
thermal hydrodealkylation.
Kellogg pointed out that Venezuela now imports all of its
BTX aromatics.
Reuter
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Fortune Systems Corp said its
shareholders approved the sale of its computer hardware
business to SCI Technologies Inc.
The transaction is expected to close this week.
At its annual meeting, Fortune said shareholders also voted
to change Fortune's name to Tigera Inc. Its principal
subsidiary is Tigeral Corp.
Reuter
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TecSyn International Inc
said it terminated takeover discussions with a U.S.-based
investors group after the group was unable to establish access
to funds to complete the proposed transactions, contrary to
previous assurances.
TecSyn previously said it and its controlling shareholders
accepted in principle a proposal from the group to offer nine
dlrs a share for 70 pct of TecSyn's outstanding shares.
The investor group also planned to invest 22.5 mln dlrs in
a private placement of four mln non-voting TecSyn common
shares, the company said.
Reuter
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Goodyear said it is selling its 50
pct interest in Toyobo Petcord Ltd of Japan to its partner in
the venture, Toyobo Co.
Reuter
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Shr 16 cts vs two cts
Net 391,000 vs 57,000
Sales 7,917,000 vs 7,255,000
Six mths
Shr 47 cts vs 17 cts
Net 1,164,000 vs 422,000
Sales 27.9 mln vs 24.3 mln
NOTE: Full company name is Washington Scientific Industries
Inc. Second quarter ended June seven.
Reuter
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Israel's exports to the U.S. can and
must double over the next five years if the mideast nation's
goal of economic independence is to be achieved, said Gad
Yaacobi, Israeli minister of Economy and Communication.
Speaking before an American-Israel Chamber of Commerce
seminar, Yaacobi said that in 1986 Israeli exports to the U.S.
were over 2.3 billion dlrs or about one-third of Israel's total
exports, while imports from the U.S. were around 1.8 billion
dlrs or roughly one-sixth of the total.
"I am convinced that Israel exports to the U.S. can reach
five billion dlrs in the next five years, if we learn to
function in the American marketplace and place greater emphasis
on product quality," Yaacobi said.
While the weakening of the dollar vis-a-vis European
currencies is a "bottleneck to increasing exports to the U.S.,"
Yaacobi said he expects Israel to extend its recent trend
toward higher U.S. exports.
In the last ten years, Israeli exports to the U.S. rose
fivefold, from 417 mln dlrs to 2.3 billion in 1986, while
imports rose from 888 mln dlrs to 1.8 billion last year.
Yaacobi said export growth must increase ten to eleven pct
annually, the rate achieved until the 1973 Yom Kippur War.
He said that the U.S./Israel Free Trade agreement, passed
last year and eliminating all duties and other commercial
restrictions between the two nations through 1994, would
continue to facilitate the desired export growth.
Dual agreements included in the FTA allow Israel to act as
an economic bridge between the U.S. and Europe, enabling U.S.
firms to export to Europe at lower cost if a certain percentage
of the exported is produced in Israel, and vice-versa.
Yaacobi said that tensions among the nations of the middle
east was one of the main reasons Israel had not yet been able
to achieve its economic potential.
Since 1973 the U.S. has given Israel 25 billion dlrs in
aid, but most of it went to defense expenditures and financing
military conflicts "which were imposed on Israel," he said.
Short of achieving Israel's full growth potential, however,
Yaccobi said it would still be possible to achieve economic
independence by 1993 or 1994, based on the assumption that
exports can be doubled from 1986 levels in that time period.
Reuter
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Venezuela's government tomorrow presents
a 1988 budget proposal for 183.432 billion bolivars, based upon
an oil price of 16.35 dlrs per barrel, finance minister Manuel
Azpurua said.
Azpurua told reporters after a cabinet meeting the new
budget projects ordinary income of 149.925 billion bolivars and
extraordinary income of 34.186 billion. Oil revenues are
expected to produce 92.014 billion, or 61 pct of the total.
The finance minister said the oil revenue projection is
based on an average price of 16.35 dlrs per barrel in 1988.
Venezuelan oil through the first half of 1987 has averaged 16.
20 dlrs per barrel, according to the state oil company
Petroleos de Venezuela, S.A.
Reuter
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Gencorp Inc and Continental AG of
Hanover, West Germany, jointy announced they signed an
agreement for Continental to buy Gencorp's General Tire Inc
subsidiary for 650 mln dlrs in cash.
Under the agreement the companies said Continental will
acquire General Tire, including its related domestic and
foreign operations, and Gencorp will retain liability for the
medical benefits of retired General Tire employees who retired
on or before November 30, 1984.
The sale is expected to be completed on or before November
one and is subject to meeting certain conditions.
Continental is Europe's second largest tire producer. Last
year, the company had sales of 2.6 billion dlrs, with 1.9
billion dlrs generated by its tire operations.
Last year, General Tire had operating profits of 79 mln
dlrs on sales of 1.1 billion dlrs, and Gencorp had operating
profits of 130 mln dlrs on sales of 3.1 billion dlrs.
GenCorp spokesman Rip Tilden said the company will retain
about 100 mln dlrs in liability for its former General Tire
employees under the agreement.
Tilden said Gencorp will use the proceeds from the sale to
reduce its 1.5 billion dlr debt.
In April, GenCorp sucessfully thwarted a takeover by a
partnership formed by AFG Industries Inc <AFG> and Wagner and
Brown with a restructuring program that included the purchase
of up to 54 pct, or 12.5 mln shares, of its common at 130 dlrs
a share for a total of 1.6 billion dlrs
As part of the restructuring, GenCorp also said it planned
to sell its tire business, the bottling operations of its RKO
General Inc subsidiary, and RKO's remaining broadcast
properties to focus on the company's aerospace and automotive
components businesses.
Tilden said Gencorp expects to realize about 850 mln dlrs
in after tax proceeds by the end of 1987 as a result of sale of
several pieces of the nonbroadcast assets of the company,
including general tire.
"The price paid for General tire would not cause us to
reevaluate that estimate," said Tilden.
General Tire employs 10,000 people worldwide and has four
tire manufacturing plants in the U.S. and one in Canada.
In a statemnet, A. William Reynolds, GenCorp chairman said
the sale of General Tire "represents a critical accomplishment
in our plan to restructure GenCorp."
Reynolds also said GenCorp's previously announced sale of
its other businesses are "proceeding satisfactorily."
Among the pieces of Gencorp's empire that remain to be sold
are its RKO bottling operations. GenCorp agreed to sell RKO's
KHJ-TV station to Walt Disney Co <DIS> for
217 mln dlrs. That deal awaits approval by the Federal
Communications Commission. GenCorp also received 257 dlrs after
tax from the sale of RKO's WOR-TV.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
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0,
0
] |
Shr loss 79 cts vs profit 30 cts
Net loss 2.1 mln dlrs vs profit 675,935 dlrs
Revs 5.5 mln dlrs vs 9.1 mln dlrs
Note:the year ended March 31. The company's full name is
Advanced Institutional Management Software Inc
Reuter
| [
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1,
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0,
0,
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] |
Kellwood Co said it signed a
definitive agreement to acquire Robert Scott Ltd Inc, David
Brooks Ltd Inc and Andrew Harvey Ltd of Dedham, Mass.
Terms were not disclosed.
Combined sales of the three companies in 1986 were over 50
mln dlrs, it said. The deals are expected to be completed by
July 31, Kellwood said.
Reuter
| [
1,
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0,
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0,
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] |
[
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0,
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|
Digital Communications
Associates Inc said it agreed with Fox Technology Inc <FOXT.O>
to buy its Fox Research Inc unit for a cash payment and the
assumption of liabilities of around 10 mln dlrs.
The company said part of the agreement includes payment of
up to an additional 6.5 mln dlrs based on the performance of
the unit in the year following the closing.
The company said the deal is expected to be closed in
mid-August.
Fox Research develops, makes and markets local area
networks for personal computers.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
A.H. Robins Co said its board
has concluded that the merger proposal submitted by Rorer Group
Inc <ROR> merits further consideration.
At the request of the board, Rorer has agreed to extend
until 1800 EDT July 2 its deadline for response from A.H.
Robins.
After Rorer announced its second bid for the company last
Thursday, analysts forecast that the Robins family, which holds
control of the company, would vigourously oppose any merger.
But, the analysts added, that Robins desire to emerge
independent from two years of bankruptcy proceedings may be
thwarted by some Robins' shareholders who perceive a merger as
a more expedient way of dealing with the company's Dalkon
Shield related liabilities.
After a failed first attempt earlier this year, Rorer's
latest merger plan calls for a share swap worth about 720 mln
dlrs.
Rorer would also set up two trusts to cover the estimated
1.75 billion dlrs in liabilities to deal with about 320,000
claims by women who suffered maladies from the use of the
Dalkon Shield interuterine device.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Pakistani government allowed freer
cotton and rice export in a three-year new trade policy aimed
at narrowing the country's yawning trade gap.
Commerce and Planning Minister Mahbubul Haq said in a
televised speech the government had also decided to allow
duty-free import of cotton yarn to make the textile industry
more competitive, and to link bulk tea imports to the export of
Pakistani products.
Cotton and rice are Pakistan's main exports, which have
been handled exclusively by state corporations since early
1970s.
But Haq said now the private sector would also export
cotton and rice along with the corporations, which meets a
long-standing demand of the local traders.
The duty-free import of cotton yarn has been allowed to
bring down prices and help the local ancillary industries
compete effectively in the world market, he said.
Haq said the new policy, effective from the fiscal year
1987/88 beginning on July 1, would be for three years but
reviewed every year.
It was a departure from the previous practice of announcing
trade policies for a single fiscal year, and Haq said it would
enable the businessmen to plan their market strategies over a
longer period.
He said an export credit of 250 mln dlrs had been provided
for the export of engineering goods to selected third world
countries on soft credit terms.
Pakistan's 1986/87 exports at 3.6 billion dlrs, 18.2 per
cent more than in the previous year, and imports at 5.23
billion dlrs compared to 5.63 billion dlrs in 1985/86.
He said the government policy was to rationalise and
streamline import controls.
"It has been observed that due to restrictions on imports,
specially on raw materials and intermediate goods, local
industry has been suffering for want of necessary inputs," he
said. "Prices have been on the increase and quality of goods
produced has been low. This restrictive policy also gave rise
to smuggling and hampering of exports."
He said that to correct this situation, 136 items had freed
from import restrictions.
Previously, Pakistan has met its trade gap largely from
remittances from its nationals working abroad, mainly in the
Gulf. However, the remittances have begun to fall after the
drop in oil prices in recent years leading to the spectre of a
balance of payments crisis for Pakistan.
Reuter
| [
0,
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0,
0,
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Citicorp has extended its reach
into the California market with Citicorp Savings' acquisition
of 50 of Sears Roebuck's <S> Sears Savings Bank branches,
bringing its presences to 143 branches in 101 communities,
CitiCorp Savings said.
Thrift industry analysts said the move, approved by the
Federal Reserve board today, is a plus for Citicorp and shows
its serious intent to penetrate the California market.
The acquisition mostly extends Citicorp's reach into
Southern California, where 34 of the 50 branches are located.
Citicorp Savings was predominantly in Northern California.
"This marks our first major expansion in California,
particularly in the south," said Citicorp Savings President
Edward Valencia, in a statement.
Thrift industry sources said they do not see a major
near-term impact on the Southern California thrift market, but
do expect Citicorp to be a more aggressive competitor than
Sears was in that market.
"We do believe they will be a better competitor than
Sears," said James Stutz, Executive Vice President of Home
Federal Savings and Loan Association <HFD>, based in San Diego.
Banking industry sources said the move is viewed as
groundwork, to establish Citicorp throughout the California
market, well before the 1991 law change that will allow it to
operate as a bank in the state. They said Citicorp is likely to
convert the branches to banks at that time.
In the near-term, however, analysts said with seven billion
dlrs in assets, Citicorp Savings is still not a major force in
the thrift market, against such large California thrifts as
Home Federal, Great Western Financial Corp <GWF>, H F Ahmanson
and Co <AHM>, Golden West Financial <GWD> and Great American
First Savings Bank <GTA>.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Contel Corp's telecommunications
equipment unit is the most likely candidate for sale by the
Atlanta-based telecommunications company, Wall Street analysts
said.
"Executone is at the top of the list," said one analyst,
referring to Contel's loss-riden telecommunications equipment
unit. "The question is, who would take it?" he added.
The company, forecasting a 15 pct drop in 1987 operating
earnings over last year, said late today that it is reviewing
all operations in an effort aimed at "maximizing long-term
stockholder value."
Analysts also said Contel's federal systems division, which
has been hit with several executive defections, may also be put
on the block.
Contel officials declined to comment on the possibility of
selling any operations. However, the company indicated in a
statement that it was closely evaluating the telecommunications
and federal systems units.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr profit two cts vs loss two cts
Net profit 123,000 vs loss 104,000
Revs 12.5 mln vs nil
Note: 1987 period includes 112,000 dlr extraordinary gain.
Reuter
| [
0,
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0,
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0,
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] |
Canada Development Corp <CDC.TO> said it
agreed to sell its 25.2 pct interest in CDC Life Sciences Inc
to Caisse de depot et placement du Quebec, the provincial
pension fund manager, and Institut Merieux, a French biological
laboratory company, for 169.2 mln dlrs.
It said the caisse and Institut Merieux will each buy 2.75
mln common shares of the company for 30.76 dlrs a share.
It said following the transaction the caisse will hold
about 19.3 pct of CDC Life Sciences. Canada Development said
the purchasers do not plan to acquire the remaining
publicly-held shares.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Dixons Group Plc said shareholders at a
special meeting of Cyclops Corp approved the previously
announced merger of Cyclops with Dixons.
Under the terms of the merger, Dixons said the remaining
public Cyclops shareholders are to receive 95 dlrs a share.
Dixons also said the previously announced sale of Cyclops
steel and nonresidential construction businesses to a former
Alleghany Corp <Y> subsidiary is expected to be completed June
30. After the sale, Cyclops will retain its specialty retailing
business and change its name to Silo Inc, said Dixons.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Ste-Genevieve Resources Ltd said it
increased its cash takeover bid for Sullivan Mines Inc shares
to 7.25 dlrs a share. It did not give the original bid.
The offer is for a minimum five mln common shares and a
maximum six mln shares, the company said.
It gave no further details.
Reuter
| [
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0,
0,
0,
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] |
Prospects appear slim for a summer
meeting between U.S. and Soviet officials before the two
countries enter the final year of their bilateral grains
agreement, Agriculture Department officials said.
The two sides usually try to meet as each new year of the
agreeement approaches although the last meeting was delayed up
to last February. However, any delay this year should not
endanger the fifth year of the grains agreement that extends
through September, 1988, USDA officials said.
"It will be difficult to pull together the people for the
meeting during July," an aide to USDA undersecretary Daniel
Amstutz said.
Since the last meeting was only around four months ago, the
next talks could still be a "couple more months," he said.
There has been grain industry speculation that the USDA
will offer Moscow another wheat subsidy during the next
marketing year. But USDA officials said even if consultations
were held soon a subsidy offer would probably not be made.
"I doubt that there would be any subsidy offer this summer
or before the next agreement year begins," a USDA source said.
Citing limited subsidy funds and uncertainties about next
year's crops, he said, "There are too many variables now. It
would be uncharacteristic of us to make an offer now."
Under the nonbinding pact, Moscow has agreed to purchase a
minimum of nine mln tonnes of U.S. grain per year. Soviet and
U.S. officials normally meet in the summer before the start of
a new agreement year to discuss grain quality, shipping
logistics and production outlooks.
Reuter
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|
Shr five cts vs one ct
Net 299,869 vs 54,775
Revs 5.7 mln vs 5.2 mln
Note: period ended April 30.
Reuter
| [
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The Justice Department said it asked
the government to proceed cautiously on a plan allowing the
nation's two largest intercity bus companies to merge their
operations, a move one of the firms said may derail the deal.
Justice's opposition to quick federal approval of a bid by
Greyhound Lines Inc to take immediate control Trailways Corp
prompted Greyhound to threaten -- in a brief filed with the
Interstate Commerce Commission (ICC) -- to drop the merger
plan.
Greyhound officials told Reuters late today the company
hoped for ICC action on the merger by tomorrow.
"Greyhound Lines will go forward with the transaction only
if it is permitted to assume immediate, unconditional control
of Trailways' operations and to integrate them with its
operations," Greyhound said in a filing with the ICC, the
federal regulatory agency which has the final say over mergers
of interstate bus companies.
But Justice had said in an earlier filing with the ICC that
it wanted the agency to move slowly on the plan and to turn
down Greyhound's request to begin operating Trailways
immediately.
"The department has just begun to receive relevant
information on Trailways' financial condition and is in the
process of assessing the correctness of the company's
allegations," acting Assistant Attorney General Charles Rule
said in comments submitted to the ICC.
Greyhound announced June 19 that it wanted the ICC to let
it begin operating Trailways immediately while continuing to
evaluate the merger for possible antitrust problems.
Greyhound said it would pay 80 mln dlrs for many of
Trailways' terminals, buses and garages.
The two companies said in papers filed with the ICC that
Trailways "could collapse in a matter of days."
They said Trailways owed suppliers more than six mln dlrs,
with another six mln dlrs due June 30.
The suppliers, they said, could force Trailways into
bankruptcy "at any time."
Trailways also owes a consortium of banks 76 mln dlrs, and
the consortium has threatened to call the loan if Trailways
fails to pay the interest due June 30, they said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
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0
] |
Allied-Signal Inc and
Schlumberger Ltd jointly announced that Schlumberger had
acquired Allied-Signal's Neptune International unit. Terms
weren't disclosed.
Atlanta, Ga.-based Neptune, which makes water meters and
flow measurement equipment, had sales last year of 80 mln dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 64 cts vs 40 cts
Net 5,597,000 vs 3,426,000
Revs 83.5 mln vs 47.4 mln
Six mths
Shr 1.15 dlrs vs 60 cts
Net 10 mln vs 5,201,000
Revs 147.6 mln vs 91.5 mln
Reuter
| [
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] |
Digital Communications
Associates Inc <DCAI.O> said it has entered into an agreement
to acquire substantially all the assets of Fox Technology Inc's
Fox Research Inc subsidiary.
The company said it will assume about 10 mln dlrs of Fox
liabilities with a provision for a further 6.5 mln dlrs based
on the future financial performance of Fox during the one year
period following the closing of the deal.
It said the acquisition is subject to approval by Fox
shareholders and is expected to close in mid August.
Reuter
| [
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] |
General Electric Co's GE Credit
Corp said it agreed to buy all of the capital stock of Kraft
Inc's wholly owned subsidiary D and K Financial Corp.
Terms of the acquisition were not disclosed.
D and K, with assets of more than one billion dlrs, is one
of the leading U.S. companies involved in the leasing of fleets
of cars, according to GE Credit.
Jim Ahtes, a spokesman for GE Credit's outside public
relations firm, Manning, Selvage and Lee Inc, emphasized that
the terms of the acquisition had not yet been approved.
Reuter
| [
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] |
<Industrial Equity (Pacific) Ltd>,
(IEP) the Hong Kong-listed unit of Brierley Investments Ltd
<BRYA.WE>, said it has lifted its stakes in British oil company
Ultramar Plc <UMAR.L> and U.S. Firm <Ogelbay Norton Co>.
IEP told the Stock Exchange it now holds 36.03 mln Ultramar
shares representing 13.07 pct of the issued capital. It holds
388,600 shares in Ogelbay representing 11.68 pct of the
Delaware-based company.
No other details were available.
REUTER
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Japanese Finance Minister Kiichi Miyazawa
said the Group of Seven (G-7) nations still support the Louvre
Accord to stabilise currencies.
He also told a news conference following a cabinet meeting
that the Group of Five (G-5) and G-7 do not have any plans to
meet for talks.
The Finance Minister further said that overseas stock
market plunges will not lead to a freefall in the Tokyo stock
market. "There is no special worry about the stock market in
Tokyo," he added.
Miyazawa said the Tokyo stock market should not be gravely
affected by the downturns of markets in New York and London
because there is a clear sign of an economic recovery in Japan
and stability of exchange rates.
Asked if the U.S. Had contacted Japan after the stock
market plunge in New York, Miyazawa said there was not any
contact.
REUTER
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|
Japan's Finance Minister Kiichi Miyazawa
said that remarks by U.S. Treasury Secretary James Baker on
Sunday that some nations were not abiding by the spirit of the
Louvre Accord were just aimed at reaffirming that agreement.
The agreement, to cooperate in stabilising currencies, was
reached in Paris in February this year.
The finance minister made the remark at a news conference
which followed a morning cabinet meeting.
REUTER
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Japan said it understood why the U.S.
Attacked an Iranian oil platform on Monday.
"Japan, deeply concerned over the increasing threat to the
ships navigating in the Gulf, understands the circumstances
that have led the United States government to take these
measures," the Foreign Ministry said in a statement.
The statement added that the threat to free and safe
navigation had increased after the missile attack on a
U.S.-flagged tanker in Kuwaiti territorial waters last Friday.
REUTER
| [
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