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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 CPCs wholly-owned subsidiaries in Hong Kong Malaysia the Philippines Singapore Taiwan and Thailand. Reuter | CPC INTERNATIONAL <CPC> COMPLETES ASIAN SALE |
Thompson Medical Co Inc expects to release a statment in a few minutes a company spokesman said. The New York Stock Exchange has delayed opening the stock saying news is pending. The stock closed Friday at 19-3/4. Reuter | THOMPSON MEDICAL <TM> PLANS STATEMENT SHORTLY |
Innovative Software Inc said it plans to sell later this month or in July about 25 mln dlrs of convertible subordinated debentures due 2012. Proceeds will be used for general corporate purposes including possible acquisitions of complementary products technologies or companies Innovative Software said. Reuter | INNOVATIVE SOFTWARE <INSO> TO OFFER CONVERTIBLES |
Cullinet Software Inc said it has introduced Release 10.1 of Performance Monitor an on-line system that enables system programmers to analyze performance information quicky. Cullinet said the Release 10.1 provides program analysis functions for users of Cullinets IDMS/R database software. The company said it also has enhanced the new system with a windowing function that allows people to view several resources concurrently. It added the new system is priced at 27000 dlrs and will be generally available later this month. Reuter | CULLINET <CUL> RELEASES NEW ANALYSIS SYSTEM |
The Chicago Board of Trade CBT has asked federal regulators for authority to trade a futures contract in long-term Japanese government bonds. The Commodity Futures Trading Commission CFTC said it has received an application from CBT for a contract comprised of yen bonds with a face value at maturity of 100 mln yen. The price of the proposed contract would be quoted in points per 100 yen par value with one point equal to one mln yen. The minimum price fluctuation would be 10000 yen per contract and the contract would have no daily price limits. CFTC has requested public comment on the proposal. Reuter | CBT PROPOSES JAPANESE GOVERNMENT BOND FUTURES |
BORDEN TO ACQUIRE PRINCE CO FOR ABOUT 180 MLN DLRS |
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THOMPSON MEDICAL SAYS 1,290,000 SHARES TENDERED IN RESPONSE TO BID FOR ONE MLN |
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Mercedes-Benz Credit Corp is issuing a 100 mln dlr eurobond due June 25 1992 paying 8-1/4 pct and priced at 100-1/2 pct lead manager Deutsche Bank Capital Markets said. The non-callable bond is available in denominations of 1000 and 10000 dlrs and will be listed in Luxembourg. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The payment date is June 25. REUTER | MERCEDES-BENZ CREDIT ISSUES 100 MLN DLR EUROBOND |
FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.72 PCT FROM 7.75 PCT - OFFICIAL |
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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 9159552 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. Reuter | POREX <PORX.O> TO MERGE WITH MEDCO <MCCS.O> |
Woodstream Corp said it expects a second quarter loss on sales below those of a year earlier. In last years second quarter Woodstream earned 349000 dlrs on sales of 13.1 mln dlrs. The company said it is seeking to reduce expenses and boost sales. It said it is scaling back California fishing rod operations to cut overhead expenses anbd minimize losses. Woodstream said its fishing technologies group is experieincing significantly higher selling promotion and factory expenses while fishing product sales have fallen due to inventory corrections by several major customers. It said sales of its color liquid display fish/depth finder are expected to exceed three mln dlrs in the first half but will be substantially less than expected. Reuter | WOODSTREAM <WOD> SEES SECOND QUARTER LOSS |
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. Reuter | COLT INDUSTRIES <COT> TO SELL BRITISH UNIT |
Fluor Corp said it retained two investment bankers to assess the value of its gold operations in light of improved world gold market conditions. The engineering construction and natural resources company said it retained Shearson Lehman Brothers Inc and S.G. Warburg and Co Inc to assist in the assessment. Fluor owns 90 pct of St. Joe Gold Corp <SJG> a unit of Fluors St. Joe Minerals subsidiary. St. Joe Gold explores develops mines and produces precious metals in the U.S. Canada and Chile. It produced 281000 ounces of gold in its most recent fiscal year. Fluor also has gold operations in Australia Spain and Uruguay. Reuter | FLUOR <FLR> TO ASSESS VALUE OF GOLD OPERATIONS |
Brampton Brick Ltd said it increased its 1987 earnings forecast to 94 cts a share from the 83 cts a share predicted in its October 30 1986 public share offering prospectus. It said increased earnings will result from continuing production at its Toronto Don Valley plant past the original termination date of June 30 1987 which will double 1987 output. In addition annual capacity at unit Brique Citadelle was increased by about 15 pct to 48 mln bricks. The revised earnings forecast is after a May 1987 agreement to issue 900000 class A subordinate voting shares. Reuter | BRAMPTON BRICK <BBLA.TO> UPS EARNINGS FORECAST |
Shr 32 cts vs 22 cts Net 2022000 vs 1355000 Revs 16.0 mln vs 13.2 mln Avg shrs 6237000 vs 6052000 Six mths Shr 58 cts vs 42 cts Net 3561000 vs 2525000 Revs 30.0 mln vs 26.1 mln Avg shrs 6180000 vs 6017000 Reuter | ADVANCED SYSTEMS INC<ASY> 2ND QTR APRIL 30 NET |
Shr two cts vs seven cts Net 164000 vs 417000 Revs 1345000 vs 2021000 Reuter | MANNVILLE OIL AND GAS LTD <MOG.TO> 1ST QTR NET |
Shr 27 cts vs 18 cts Net 1757000 vs 1201000 Revs 73.5 mln vs 71.2 mln Reuter | HOUSE OF FABRICS INC <HF> 1ST QTR NET APRIL 30 |
House of Fabrics Inc <HF> said it expects further modest gains in revenues for fiscal year ending January 31 1988. In fiscal 1987 the companys revenues were 316.4 mln dlrs compared to 286.7 mln dlrs the previous fiscal year ending January 31. House of Fabrics President and Chief executive Gary Larkins said the company will be aggressively promoting sales while applying tighter inventory controls. Reuter | HOUSE OF FABRICS PROJECTS GAINS IN FISCAL 1988 |
Shr three cts vs three cts Net 421000 vs 333000 Revs 2103000 vs 2287000 Avg shrs 16068000 vs 12041000 Reuter | ORBIT OIL AND GAS LTD <ORB.TO> 1ST QTR NET |
The U.S. Regional carrier <Metro Airlines> has signed an agreement with Saab Scania AB <SABS ST> to buy 16 34-seater Saab SF340 aircraft worth a total 650 mln crowns the Swedish groups largest single order yet Saab said. It said in a statement that Metro airlines was also taking an option on a further 15 SF340 commuter planes. The aircraft are to be delivered between now and next April. The order from Metro airlines is a definite breakthrough for the Saab SF340 said Tomy Hjort the head of the SF340 programme at Saabs air division. reuter | METRO AIRLINES TO BUY 16 SAAB COMMUTER PLANES |
Holderbank Financiere Glarus AG <HOLZ.G> expects its 1987 results to be at least steady with increases in volume sales and negative currency factors roughly cancelling each other out deputy chairman Max Amstutz said. He told a news conference that turnover was likely to rise 20 pct in volume terms partly through the consolidation of recently acquired companies. Ideal Basic Industries Inc <IDL> of the U.S. Which Holderbank agreed last year to acquire should boost group sales by around 12 pct. But the weakness of the dollar -- the key currency for the group -- would remain a strong negative factor. Holderbank earlier reported consolidated 1986 net profit of 239 mln Swiss francs compared with 126 mln in 1985 on sales which fell to 3.3 billion francs from 3.6 billion. Group president Thomas Schmidheiny said Holderbank was now in a consolidation phase after 15 years of enormous growth. Priority would be given to strengthening its existing positions and to integrating recent acquisitions but the group would continue to take advantage of new opportunities for acquisitions. Reuter | HOLDERBANK EXPECTS 1987 RESULTS TO BE STEADY |
ROBERT MAXWELL SAID HE SUING TO STOP HARCOURT BRACE PAYING SPECIAL DIVIDEND |
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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 companys 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 7525000 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. Reuter | VIDEO <JUKE.O> TO BUY PRESIDENT'S SHARES |
Circus Circus Enterprises Inc said it expects to report a charge of about six mln dlrs or 16 cts per share against results for the second quarter ending July 31 due to a tender for all 75 mln dlrs of its first mortgage bonds that expires June Two. In last years second quarter the company took a 6200000 dlr or 16 ct per share charge from the redemption of 80 mln dlrs principal amount of subordinated notes. Reuter | CIRCUS CIRCUS <CIR> TO HAVE 2ND QTR CHARGE |
West German wholesale turnover provisionally totalled about 66 billion marks in April a real decline of four pct compared with the same month last year the Federal Statistics Office said. In March wholesale turnover had risen by a real seven pct on the year-ago period. The Statistics Office said that in the first four months of this year wholesale turnover of about 244 billion marks was a real one pct down from last year. REUTER | GERMAN APRIL WHOLESALE TURNOVER FALLS FOUR PCT |
Qtly div 30-1/2 cts vs 28-1/2 cts prior Pay July 15 Record June 30 Reuter | BERKSHIRE GAS CO <BGAS.O> RAISES PAYOUT |
Food Lion Inc said sales for the four weeks ended May 23 were up 21.9 pct to 222.6 mln dlrs from 182.6 mln dlrs a year earlier. The company said sales for the year to date were up 23.4 pct to 1.06 billion dlrs from 858.8 mln dlrs a year before. Reuter | FOOD LION <FDLNB.O> MAY SALES RISE |
Shr four cts vs 10 cts Shr diluted two cts vs 10 cts Net 1841000 vs 978000 Revs 36.1 mln vs 20.5 mln Avg shrs 25734000 vs 9200000 Avg shrs diluted 48878000 vs 9200000 Reuter | MARCADE GROUP INC <MAR> 1ST QTR MAY 2 NET |
Quadram a unit of Intelligent Systems Corp said it has introduced three new memory and multifunction boards for the International Business Machines Corp <IBM> Personal System/2 Models 50 and 60. The company said the new products scheduled for shipment in August and September include QuadMEG PS/Q memory board QuadPort PS/Q an input/output board and Quadboard PS/Q a multifunction board. Quadram also said it has slashed prices effective immediately for its QuadEGA+ and QuadEGA ProSync graphics boards by 10 pct and 15 pct respectively. Quadram said QuadEGA+s price is cut to 445 dlrs from 495 dlrs while QuadEGA ProSyncs price is reduced to 495 dlrs from 595 dlrs. The Intelligent Systems unit also has entered into an open-ended joint technology and product development agreement with <Genoa Systems Corp> Genoa Systems said. Genoa a maker of PC-compatible products said the agreement allows Quadram to use Genoas proprietary video controller chip sets in Quadrams new UltraVGA graphics board products and sets up a joint development project for a variety of future graphics products. Genoa Systems said the agreement extends a prior two-year commercial relationship under which Genoa has supplied Quadram with technology and equipment based on its Galaxy line of tape backup systems. Reuter | INTELLIGENT SYSTEMS<INP> UNIT UNVEILS NEW BOARDS |
Shr loss 52 cts vs loss 49 cts Net loss 3142000 vs loss 2936000 Sales 40.9 mln vs 40.1 mln NOTE: Year ago share results adjusted for five-for-four stock split in August 1986 Reuter | GREENMAN BROS INC <GMN> 1ST QTR MAY 2 LOSS |
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. Reuter | MARCADE GROUP <MAR> PLANS ACQUISITION |
Minnesota Mining and Manufacturing Co said it signed a five year agreement to become a preferred supplier to San Diego California-based (American Healthcare System). The agreement permits American Healthcare hospitals to buy at competitive prices from 3Ms 14 business divisions products in radiology laboratory food service maintenence supplies and audio visuals advertising services office supplies computer hardware and software it said. American Healthcare is a health care network representing more than 1100 not-for-profit hospitals in 47 states. Reuter | AMERICAN HEALTHCARE AND 3M <MMM> SIGN ACCORD |
Thompson Medical Co Inc said about 1290000 shares of its common were tendered before the expiration of the companys offer of 20 dlrs a share for up to one mln common shares. Accordingly the proration percentage is expected to be about 77.5 pct Thompson said. It said payment for the one mln shares being purchased is expected to begin about June 12. Reuter | THOMPSON MEDICAL <TM> OFFER OVERSUBSCRIBED |
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. Reuter | PENNSYLVANIA ENTERPRISES <PENT.O> BID STANDS |
Dow Chemical U.S.A. Midland Co said it will increase prices of its high performance thermal fluids in bulk and drums effective July One for contract and spot customers. The bulk list prices for diphenyl oxide in both technical and refined grades will be raised five pct to 1.26 dlrs per pound for technical and 1.36 dlrs per for refined Dow said. Other increases include Dowtherm G to 21.92 dlrs per gallon; Dowtherm HT to 20.94 dlrs per gallon; Dowtherm J to 14.96 dlrs per gallon and Dowtherm LF to 18.68 dlrs per gallon. Reuter | DOW CHEMICAL <DOW> TO INCREASE PRICES |
Qtly div 13 cts vs 12-1/2 cts prior Pay July One Record June 10 NOTE: Dividend adjusted for recent two-for-one stock split. Reuter | SUFFOLK BANCORP <SUBK.O> RAISES QUARTERLY |
Thompson Medical co Inc said it received about 1290000 of its common shares in response to its tender offer for up to one mln at 20 dlrs each and as a result the proration percentage is expected to be about 77.5 pct. The company said payment for the shares is expected to start June 12. Reuter | THOMPSON MEDICAL <TM> TENDER OVERSUBSCRIBED |
Cato Corp which went public April 30 said its board declared an initial quarterly dividend as a public company of two cts per share payable June 26 to holders of record June 12. Reuter | CATO CORP <CACOA> SETS INITIAL DIVIDEND |
MERRILL LYNCH SAYS PRORATION FACTOR FOR SUPERMARKETS TENDER IS 85.66 PCT |
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Brazil is not selling cocoa beans to the International Cocoa Organization ICCO buffer stock as spot prices for beans in the interior area are 20 to 25 pct higher than levels which would be paid by the ICCO buffer stock manager trade sources in the major producing state Bahia said. The scarcity of beans because of the effects of drought on the current temporao harvest has pushed prices well above international levels the sources noted. The only buyers are bean exporters or local processors covering previously contracted commitments they added. If sales were made they would be executed by individual exporting companies which are members of the Brazilian Cocoa Trade Commission they said. Reuter | BRAZIL NOT SELLING TO COCOA BUFFER STOCK - TRADE |
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 Ravens newly formed subsidiary Astoria Industries Inc Raven said. Its Glasstite Inc subsidiary also manufactures and sells utility truck bodies. Reuter | RAVEN INDUSTRIES <RAV> BUYS TRUCK BODY BUSINESS |
Gleason Corps subsidiary Gleason Power Systems said its Torsen torque-sensing differential will be supplied as standard equipment in the new Audi 90 Quattro four-wheel drive vehicle. Initial Torsen differential production for the new Audi 90 will not affect earnings in 1987 Gleason said. The Audi Quattros 80 and 90 models will be introduced in the U.S. in late 1987 the company said. Reuter | GLEASON <GLE> UNIT ADDS EQUIPMENT TO AUDI MODEL |
Hospital Corp of America said it received financing commitments of about 1.9 billion dlrs to pay for its previously announced reorganization. Hospital Corp said under the reorganization over 100 hospitals will be spun off to a new independent company owned by an employee stock ownership plan ESOP for 1.8 billion dlrs in cash. Hospital Corp said in addition to the cash payment it will also receive preferred stock and warrants to purchase up to 34 pct of the fully diluted stock of the new company. According to Hospital Corp the transaction is expected to be completed in the third quarter of the year and proceeds will be used to reduce Hospital Corps debt and to repurchase Hospital Corp common shares. Hospital Corp said the 100 hospitals to be acquired by the new company had net revenues totaling about 1.5 mln dlrs in 1986. Hospital Corp further said the ESOP would initially own 99.5 pct of the outstanding common stock of the new company or about 51 pct on a fully diluted basis. Hospital Corp said the new companys management would initially purchase one-half of one pct of the common stock of the new company with incentive plans providing management the opportunity to earn up to 10 pct of the stock. According to Hospital Corp institutions purchasing debt of the new company will receive warrants for the remaining five pct of the new companys fully diluted common stock. Hospital Corp said Drexel Burnham Lambert Inc has agreed to provide bridge financing or to find buyers for debt of the new company for an amount of up to 956 mln dlrs. The financing will comprise 270 mln dlrs of senior unsecured ESOP debt and 686 mln dlrs of unsecured subordinated financing for the new company Hospital Corp said. Additionally Wells Fargo Bank NA has agreed to syndicate up to 940 mln dlrs of secured bank financing comprising a 400 mln dlr revolving credit loan and a 540 mln dlr separate ESOP term loan Hospital Corp said. Wells Fargo has committed itself to fund an aggregate 400 mln dlrs of these loans Hospital Corp said. Hospital Corp said it will not guarantee any of the debt. Reuter | HOSPITAL CORP <HCA> GETS FINANCING COMMITMENTS |
European Community diplomats said the question of whether Eurobonds will fall under proposed EC rules requiring new securities issues in Community countries to be preceded by a prospectus has yet to be resolved. The U.K. Securities industry has been lobbying hard against an EC Commission proposal aimed at protecting investors that would require publication and approval of a prospectus before all public offers of securities. The proposed directive currently includes Eurobonds although it makes an exception to the prospectus rules for issues directed exclusively at professional investors. Diplomats said that with Britain tending towards backing West Germany and Luxembourg in their opposition to the inclusion of Eurobonds the question of whether they would remain within the scope of the directive or not was wide open. Everything is in the melting pot said one diplomat who declined to be named. The diplomats said Belgium has now given up attempts to have the directive adopted by EC ministers before it hands over the presidency of the 12-nation Community to Denmark on July 1. It was not immediately clear what priority the Danes would attach to getting the proposals through during their six month tenure. Meanwhile discussions on the directive at working group level have halted diplomats said. Officials of the EC Commission said it recognised that its proposals created a conflict between the need for greater protection of investors on the one hand and for banks and other institutions to place Eurobonds quickly on the other. Its a problem and we are still in the grips of internal debate as to the right line to take said one Commission official. Eurobonds were not included in the original draft directive first put forward in 1981 but were brought into its scope later at the request of a number of EC member states. Diplomats said countries that oppose the inclusion of Eurobonds in the proposals are worried that the prospectus requirements would prevent the thriving Eurobond market from functioning as well as it does now. With timing so essential to the market for placing and distribution theres just not time to deal with these bureaucratic hurdles said one. He and others said the overriding concern was that the requirements could drive the Eurobond market out of traditional EC centres like London and Luxembourg to Switzerland the U.S. Or Japan. Diplomats said the Eurobond question is not the only issue that needs to be resolved before the directive can be passed. They said West Germanys main objection to the directive in its present form is that it considers as too stringent proposed rules laying down how much information companies issuing non-listed securities should disclose in their prospectuses. The proposed rules create problems for West Germany because its new second tier securities market has less demanding requirements that would have to be tightened. REUTER | EC EUROBOND ISSUE REMAINS UNRESOLVED - DIPLOMATS |
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 companys 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 Bilzerians 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 companys 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 | PAY N' PAK <PNP> GETS TWO OFFERS FOR COMPANY |
Publisher Robert Maxwells 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 40000 shares of super voting preferred stock to First Boston Securities Corp and the issue of convertible voting preferred stock with 4700000 votes in the Harcourt employee stock ownership plan. The preferred shares to be issued to First Boston have 8160000 votes. The suit brought derivatively on behalf of Harcourt and individually in British Printings capacity as a substantial holder of Harcourt common shares and 6-3/8 pct convertible debentures. The suit alleges Harcourts special dividend exceeds by more than one billion dlrs Harcouts 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 460600 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. Reuter | MAXWELL FILES SUIT TO STOP HARCOURT <HBJ> |
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 ECGDs 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 banks 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. REUTER | U.K. BANKERS CONSIDER NEW ECGD FINANCING PLAN |
A group controlled by New York investor Saul Steinberg told the Securities and Exchange Commission it has acquired 168500 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. Reuter | STEINBERG GROUP HAS FIVE PCT OF PIZZA INN <PZA> |
The Federal Reserve is expected to add reserves to the U.S. banking system by arranging a round of customer repurchase agreements during this mornings 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 Fridays average of 6.63 pct. Reuter | FED EXPECTED TO SET CUSTOMER REPURCHASES |
Americana Hotels and Realty corp said it intends to repurchase up to 400000 of its common shares or about seven pct in the open market or privately from time to time. Reuter | AMERICANA HOTELS <AHR> TO REPURCHASE SHARES |
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 | SUPERMARKETS GENERAL <SGL> TENDER EXPIRES |
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. Reuter | MONSANTO TO BUY RHONE-POULENC POLYPHENYL BUSINESS |
Pulitzer Publishing Co said it increased the retail price of the Sunday St. Louis Post-Dispatch to 1.00 dlrs a copy from 75 cts effective June 14. The Post-Dispatch which last increased the price of its Sunday paper in 1980 said it will receive 19 cts as its share of the 25 cts increase. For the quarter ended March 31 the Post had an average Sunday circulation of 556620. Reuter | PULITZER<PLTZ.O> RAISES PRICE OF POST-DISPATCH |
Qtly div five cts vs five cts previously Pay July One Record June 15 Reuter | CHICAGO PACIFIC CORP <CPAC.O> REGULAR PAYOUT |
Qtly div 12-1/2 cts vs 12-1/2 cts prior Pay June 30 Record June 15 Reuter | GREEN TREE ACCEPTANCE INC <GNT> REGULAR PAYOUT |
 OPEC OUTPUT IN MAY SEEN OVER CEILING AT 17 MLN BPD LONDON June 1 - OPECs 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 Kleinworts 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 Kleinworts 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  | |
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 years 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. Reuter | BORDEN <BN> TO ACQUIRE MAJOR PASTA MAKER |
Kincaid Furniture Co Inc said its board has authorized the repurchase of up to 100000 of its common shares or a 2.9 pct interest in the open market or privately from time to time. Reuter | KINCAID FURNITURE <KNCD.O> REPURCHASES SHARES |
American Savings and Loan Association of Florida said its board has named president and chief operating officer Edward P. Mahoney to the added post of chief executive officer succeeding Morris N. Broad who remains chairman. The company said Broad will focus on merchant banking investments real estate developments and mortgage lending activities. Reuter | AMERICAN SAVINGS <AAA> NAMES NEW CHIEF EXECUTIVE |
Qtly div six cts vs five cts Pay June 30 Record June 22 Reuter | GENOVESE DRUG STORES INC <GDXA.O> RAISES PAYOUT |
(Suburban Bancorp Inc) and (Woodstock State Bancorp Inc) said they agreed to a merger under which Suburban will purchase Woodstocks 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 Suburbans assets to 661 mln dlrs and its total banks to 13. The merger is subject to regulatory and shareholder approval. Reuter | (SUBURBAN BANCORP), (WOODSTOCK BANCORP) TO MERGE |
Novell Inc said it introduced a series of new networking products that extend its NetWare local area network (LAN) communications. One of the new products an asynchronous bridge connects multiple remote NetWare LANs to a local to a local NetWare LAN over telephone lines using high-speed modems Novell said. Novell also said it has introduced a new asynchronous gateway which provides NetWare LANS with access to resources on minicomputers from Digital Equipment Corp <DEC> Data General <DGN> Hewlett-Packard <HWP> Prime Computer Inc <PRM> and Tandem Computers <TDM>. Novell also said that its CXI Inc unit has introduced a series of new International Business Machines Corp <IBM> gateway products including a 40-session coaxial gateway software a variety of LAN workstation gateway sofware and new software for PCOX gateways. Reuter | NOVELL <NOVL.O> UNVEILS NETWORKING PRODUCTS |
PaineWebber Group Inc <PWJ> analyst John Pincavage says most airline stocks are undervalued in relation to record industry earnings expected in 1987. Noting that the airlines as a group earned 85 mln dlrs in the first quarter of 1987 compared with a loss of 625 mln dlrs in the first quarter of 1986 Pincavage sees an improvement of similar magnitude in the current quarter. He believes earnings for the group will total about one billion dlrs in the second quarter of 1987 compared with 250 mln dlrs in earnings in the second quarter of 1986. Were shaping up for a record year in 1987 Pincavage told Reuters. For the third quarter of 1987 Pincavage expects the group to earn about 1.5 billion dlrs compared with one billion dlrs in the same period of 1986. Noting that the summer quarter is always a peak period he says at this point its too soon to tell about trends in the latter months of 1987. But he says for the group as a whole fare discounting practices are not pressuring earnings like they were last year. Pincavage has not changed any recommendations recently maintaining buys on Texas Air Corp <TEX> NWA Inc <NWA> and AMR Corp <AMR> and rating most others attractive. Reuter | PAINEWEBBER ANALYST SEES RECORD AIRLINE PROFITS |
Italian fashion conglomerate Benetton Group Spa <BTOM.MI> expects its net profit to rise to around 135 billion lire in 1987 from 113 billion the year before Aldo Palmeri managing director of Benetton Group said. Palmeri told a presentation here that sales should increase to between 1280 and 1300 billion lire in 1987 from 1079 billion in 1986 of which foreign sales were expected to take up 850 billion lire. Benetton finance director Carlo Gilardi said the company was planning to diversify further into the financial services sector and would also expand into the shoe business. Benetton expanded into financial services mainly to speed up the development of its own systems Gilardi said. Benetton has 400 sub-contractors and 600 distributor companies which created a demand for such services. But we do not plan to abandon our traditional business Gilardi said. Benetton plans to expand further outside Italy especially in the Far East. Talks are under way over a possible joint venture with the Soviet Union and with South Korea. Palmeri said Benetton plans to list its shares in Frankfurt London New York and Tokyo as part of its global expansion but gave no dates when the listings would take place. Reuter | BENETTON SEES HIGHER PROFIT, SALES IN 1987 |
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 ECGDs 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 banks 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. REUTER | U.K. BANKERS CONSIDER NEW ECGD FINANCING PLAN |
Qtly div six cts vs five cts prior qtr Pay 1 July Record 19 June Reuter | COMMUNICATIONS SYSTEMS INC <CSII.O> UPS DIVIDEND |
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 1600000 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. Reuter | COKE CONSOLIDATED <COKE.O> TO SELL CANADA UNIT |
Campeau Corp said its Allied Stores Corp entered into a definitive agreement to sell its Garfinckels division to <Raleigh Stories Corp> for 95 mln dlrs. The transaction is expected to close in July the company said. Garfinckels 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. Reuter | CAMPEAU <CMP.T> UNIT TO SELL GARFINCKEL'S |
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. Reuter | WALLACE COMPUTER <WCS> BUY OFFICE PRODUCTS FIRM |
West Germany will stand firm at next weeks economic summit in Venice against foreign pressure to follow Japans example of a multi-billion dlr package to stimulate the economy West German officials said. They conceded Japans announcement last week of a 6000 billion yen plan to bolster its economy would throw the spotlight back on West Germany which would face redoubled calls from its partners to stimulate sluggish growth. (See ECRA page for latest Economic Spotlights) This view has already been voiced in Washington where officials spoke at the weekend of behind-the-scenes consultations with Chancellor Helmut Kohl with the aim of securing a quick pledge to take action on the economy. Italys central bank governor Carlo Ciampi has also criticized West Germanys reluctance to utilize its economic potential for expansionary policies. But West German officials said it was virtually inconceivable that Kohl would make any concessions in Venice despite a sharp economic downswing at the start of this year. There is just no room for manoeuvre for any economic moves said one official echoing statements by both Kohl and Finance Minister Gerhard Stoltenberg. Stoltenberg already has problems finding the cash to finance a series of tax cuts promised for 1990 and has said his budget is now stretched to the limit. He is reluctantly letting government borrowing rise while federal income falls as a result of the tax cuts which he hopes will stimulate growth and satisfy foreign critics. West Germany is exhausting to the furthest possible limit its fiscal scope as far as growth and employment is concerned Stoltenberg said last month. But U.S. Treasury Assistant Secretary David Mulford said Europeans and the U.S. Were worried by flagging German growth. We and others are concerned about the continued signs of weakness in the German economy he said. Other U.S. Officials said France shared these worries. Kohl will go to Venice only days after the publication of figures expected to show that the West German economy actually contracted in the first three months of 1987. West Germany has pledged to review possible measures should further growth be endangered but officials say they do not expect such a review to be necessary. Bonn says the economy rebounded in the second quarter and it predicts growth of just under two pct for the year. West Germanys trading partners are also likely to wait in in vain for any further pump-priming from the Bundesbank. Bundesbank vice-president Helmut Schlesinger made clear today the bank would keep interest rates down but said there were no plans for a cut in the Bundesbanks key discount rate which at three pct is near historical lows. Bundesbank President Karl Otto Poehl also spoke over the weekend of the need for all countries to play a role on the international economic scene. We have to recognise that there are also limits to economic growth in a country like Germany he said. This stance was taken by Kohl when he outlined expectations for the Venice summit in an interview last week. Referring to West Germanys program of tax cuts and its low interest rates he said With these policies we have made a significant contribution to growth and to a balanced development of the world economy. Kohl expected no new initiatives from Venice though he reckoned on confirmation of agreed policies such as a pact made in Paris in February which sought to stabilize the dollar. That pact involved a pledge from the United States and Japan respectively to cut the massive American budget deficit and to stimulate Japanese demand. Kohl said he would remind both Washington and Tokyo of those promises. REUTER | BONN SEEN REJECTING NEW GROWTH MEASURES AT SUMMIT |
<Alger Inc> said it will sell the Alger Fund through broker-dealers as a result of its agreement with Dealer Network Services a division of the newly-established <Rutland Securities L.P.>. The fund formerly was sold only directly to investors Alger said. Dealer Network Services is organizing a countrywide group of established broker-dealers to sell the Alger Fund Alger said. Reuter | ALGER TO EXPAND DISTRIBUTION OF OPEN-ENDED FUND |
CSC Industries Inc <CPSL.O> and ENZON Inc <ENZN.O> said their common stocks will be added to the National Association of Securities Dealers NASDAQ National Market System tomorrow. Reuter | TWO JOIN NASDAQ NATIONAL MARKET SYSTEM |
<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 7250000 dlrs subject to downward adjustment for certain title and state requirements. Sun already owns a 44 pct working interest in the unit. Reuter | SUN <SUN> TO ACQUIRE MORE OF WYOMING FIELD |
Secom General Corp said its common stock will be listed on the NASDAQ system tomorrow. Reuter | SECOM GENERAL TO LIST ON NASDAQ |
Kroger Co said members of the United Food and Commercial Workers Union which have been on strike against its King Soopers Supermarkets division for the past two weeks will vote tonight on a new contract proposal. It said the union has removed pickets from King Soopers stores pending the outcome of the vote. Reuter | KROGER <KR> EMPLOYEES TO VOTE ON NEW CONTRACT |
Cistron Biotechnology Inc said it has reached a marketing agreement for a major multinational consumer products company it did not name to seek U.S. Food and Drug Administration approvals for over the counter sales of Cistrons home test for detection of vaginal infections. The company said product commercialization could take place within 18 months. The new tests are expected to retail for 10 to 20 dlrs each and take about 30 minutes for results to become known. It said its agreement with the major company also covers worldwide sales. Reuter | CISTRON BIOTECHNOLOGY <CIST.O> IN MARKETING DEAL |
Realm Resources Inc said it has sold privately 500000 common shares and 500000 shares of three dlr per share Series A preferred stock for total proceeds of 1500000 dlrs. The company said proceedsd will be used to funds oil and natural gas prospect generation efforts. Realm also said it has placed a large block of Canadian metals mining company Getty Redsources Ltd with a group of investors and expects to earn a fee of up to one mln dlrs for its efforts with proceeds to be used to fund investments in mining ventures particularly precious metals ventures. Realm further said its Class A common stock has been converted to common stock to simplify its capital structure. It said it is considering a filing for a NASDAQ listing. Reuter | <REALM RESOURCES INC> SELLS SHARES PRIVATELY |
Star Technologies Inc <STRR.O> said it has appointed Robert Mathis as president and chief executive officer. Mathis a retired four-star general with the U.S. Air Force and formerly president of <Toomay Mathis and Associates Inc> replaces Herbert Shaw who is returning to his position at <Shaw Venture Partners> Star said. Star said Shaw will continue as Stars chairman of the board. Reuter | STAR TECHNOLOGIES NAMES NEW PRESIDENT AND CEO |
Shr profit one ct vs nil Net profit 163016 vs loss 23527 Revs 250469 vs 48473 Note: Full name Consolidated Professor Mines Ltd. Reuter | CONSOLIDATED PROFESSOR <CPF.TO> 1ST QTR NET |
WHITE HOUSE SAYS REAGAN HAS NOT DECIDED WHETHER TO RENAME VOLCKER AT FED |
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Star Technologies Inc said it has appointed Robert Mathis as president and chief executive officer effective June one. Mathis a retired four-star general with the U.S. Air Force and formerly president of <Toomay Mathis and Associates Inc> replaces Herbert Shaw who is returning to his position at <Shaw Venture Partners> Star said. Star said Shaw will continue as Stars chairman of the board. Reuter | STAR TECHNOLOGIES <STRR.O> NAMES NEW PRESIDENT |
Emery Air Freight Corp which acquired controlling interest in Purolator Courier Corp <PCC> said it has named John Kilcullen executive vice president and chief operating officer of Purolator. Previously Emery said Kilcullen was Purolators executive vice president of operations. Emery said Kilcullen now heads the Purolator executive management team and reports to Emery President Denis McCarthy. Reuter | EMERY <EAF> NAMES KILCULLEN HEAD OF PUROLATOR |
Occidental Petroleum Corp said its unit Natural Gas Pipeline will delay until July second its redemption of 202 mln dlrs of debt. Natural Gas previously announced a call date of June 29. The unit will redeem all five of its first mortgage pipeline bonds including the 8-1/8s and 9-1/2s of 1989 the 7.70s of 1991 the 8.35s of 1993 and the 9-1/4s of 1995. It will also retire its 15-3/8 pct debentures due 1992 the 9-1/2 pct debentures due 1990 as well as all outstanding 9-7/8 pct notes due 1994 and 8-1/8 pct notes due 1988. Reuter | OCCIDENTAL <OXY> UNIT DELAYS REDEMPTION DATE |
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 Geodynes senior management also serve as senior management at Snyder and PaineWebber Group Inc <PWJ> which owns 40 pct of Geodynes 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 Geodynes 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. Reuter | GEODYNE <GEOD.O> SETS WARRANTS, ACQUISITION |
Qtly div five cts vs five cts prior Pay July 15 Record June 30 Reuter | CENTRAL HOLDING CO <CHOL.O> SETS QUARTERLY |
Qtly div five cts vs five cts prior Pay July 28 Record June 30 Reuter | FIRST MISSISSIPPI CORP <FRM> SETS QUARTERLY |
The White House said President Reagan had made no decision on whether to reappoint Paul Volcker as chairman of the Federal Reserve Board when Volckers term expires in August. No decision has been made on chairman Volcker ... He has not discussed this with the president and no decision has been made one way or another White House spokesman Marlin Fitzwater said. Asked if Reagan would discuss the issue with Volcker before leaving for the Venice summit on Wednesday Fitzwater said I have no idea. Reuter | NO DECISION YET ON RENAMING VOLCKER AT FED |
Shr 36 cts vs nil Net 713000 vs 1500 Revs 13 mln vs 9328000 Reuter | DETECTION SYSTEMS <DETC.O> YEAR END MARCH 31 |
Shr one ct vs nil Net 32345 vs 3772 Revs 9946578 vs 5939252 Reuter | J. BILDNER AND SONS INC <JBIL.O> 1ST QTR |
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 fields 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 Thursdays cabinet meeting and after discussing a proposed solution with both companies the sources added. This spring Norways 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. Reuter | COMPROMISE SEEN LIKELY OVER CONOCO-STATOIL DISPUTE |
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. Reuter | FIAT UNIT FIDIS REPORTS SHARPLY HIGHER 1986 PROFIT |
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. REUTER | DUTCH OFFICIAL RATE CUT SEEN STILL LIKELY |
Cross border stock market investment is rising at unprecedented rates seeking a high return and diversification Charles Lillis associate director of <Merrill Lynch Europe Ltd> a subsidiary of Merrill Lynch and Co Inc <MER.N> said. He told an international equities seminar here that global equity offerings amounted to 3.7 billion dlrs in the first quarter compared with 11.4 billion dlrs in all of last year and 4.1 billion dlrs in 1985. He said most new issues would come from countries with underdeveloped potential such as France and Italy. Reuter | GLOBAL EQUITY OFFERINGS RISING AT RECORD RATES |
Northgate Exploration Ltd said hourly-paid workers at its two Chibougamau Quebec mines voted on the weekend to accept a new three-year contract offer and returned to work today after a one-month strike. It said the workers represented by United Steelworkers of America would receive a 1.21 dlr an hour pay raise over the life of the new contract and improved benefits. Northgate which produced 23400 ounces of gold in first quarter said that while the strike slowed production We are still looking forward to a very satisfactory performance. The Chibougamau mines produced 81500 ounces of gold last year. Reuter | NORTHGATE QUEBEC GOLD WORKERS END STRIKE |
National Home Loans Corp Plc of London is raising 100 mln dlrs through a five-year bullet eurobond carrying an 8-3/4 pct coupon and priced at 100-5/8 pct to yield 8.59 pct at issue lead manager Commerzbank AG said. Payment date is July 7. The bond pays interest on that date annually and matures on that date in 1992. Denominations are 1000 and 10000 dlrs. The bond will be listed in London. Fees total 1-7/8 pct comprising 5/8 pct for management and underwriting combined and 1-1/4 pct for selling. REUTER | NATIONAL HOME LOANS LAUNCHES 100 MLN DLR EUROBOND |
INT'L MINERALS/CHEMICAL GETS EPA APPROVAL FOR GENETICALLY ENGINEERED PRODUCT |
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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. Reuter | ROYAL GOLD <RGLD.O> AGREES TO MAKE ACQUISITION |
<Integrated Network Corp> said it entered into an agreement with Nynex Corps Nynex Enterprises Corp which could enable New England Telephone and New York Telephone to offer advanced data capability. Nynex Enterprises is testing Intergrateds data/voice and universal switched data capability system the company said. Integrated said the system is capable of enabling New England and New York telephone companies to provide certain circuit-switched data transmission and certain simultaneous voice and data transmissions using the existing telephone network the company said. Reuter | INTEGRATED IN PACT WITH NYNEX <NYN> UNIT |
Teleglobe Canada Inc owned by Memotec Data Inc (MDI.M) said it received an order from Credit Lyonnais Canada for a direct satellite link between Canada and France that will be the first private satellite network between the two countries. Value of the contract was undisclosed. Teleglobe said the connection will provide the bank with a permanent link to the digital phone switch at its parent companys Paris headquarters and connect it with Credit Lyonnais network in France and the rest of the world. Reuter | TELEGLOBE HAS CANADA/FRANCE SATELLITE LINK |
Total sterling commercial paper outstanding rose 251 mln stg to 1.19 billion in April taking it above one billion stg for the first time since the market opened in May 1986 figures released today by the Bank of England show. Banks holdings of commercial paper totalled 264 mln stg at end-April down six mln from March. Of the total 225 mln had been issued by U.K. Companies up three mln from March. Changes in these holdings are included in the bank lending in sterling to the U.K. Non-bank private sector component of M3 money supply. Reuter | STG COMMERCIAL PAPER EXCEEDS ONE BILLION IN APRIL |
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