INTERNATIONAL BRIEFS;Abbey National to Buy Unit of United News
Date: 04 May 1996
Abbey National P.L.C. said yesterday that its consumer finance unit had agreed to buy the Wagon Finance Group from the British publisher United News and Media P.L.C. for L108 million, or $162 million. Wagon Finance is an automobile finance company with about 5 percent of Britain's used-car finance market, Abbey National said. The company is being bought by Abbey's First National Bank unit. Abbey National is a British clearing bank and the country's second-largest mortgage lender. (Dow Jones)
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News Highlights;The Ravages of Rain, Wind, Snow and Fire
Date: 05 May 1996
By John Rather
John Rather
Wave-battered and wind-beaten Long Island pays for jutting seaward, never more than when hurricanes roar up from the tropics. Three hurricanes in the last 20 years have lent resonance to certain names. First came Belle, striking on a falling tide on Aug. 9, 1976, her timing sparing the coast from heavy flooding. Gloria, a potential killer, swept by high and fast on Sept. 27, 1985. She is remembered for knocking down thousands of trees and causing widespread electric failures, some lasting for days. Bob, a milder hurricane, blew in nearly six years later on Aug. 19, 1991, clipping the East End. The unnamed hurricane of 1938 remained unchallenged for sheer ferocity and destructive force. "That was the granddaddy of them all so far," said the meteorologist Scott Reynolds of the National Weather Service in Brookhaven. "Let's keep it that way."
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COMPANY NEWS;JOINT VENTURE FOR MALAYSIAN PETROCHEMICAL COMPLEX
Date: 04 May 1996
Bloomberg Business News
Bloomberg News
The Union Carbide Corporation of Danbury, Conn., and Petronas, Malaysia's state-owned oil company, said yesterday that they would form a joint venture to build a Malaysian petrochemical complex to supply Southeast Asia, the world's fastest-growing market for petrochemicals. The companies did not say how much the project would cost. The joint venture is expected to be held equally by the two partners. The partners plan to build an ethylene and propylene plant that will make 600,000 metric tons a year. A second plant will be built to make at least 500,000 metric tons a year of ethylene glycol, an ingredient used in polyester fibers and automotive antifreeze.
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COMPANY NEWS;IOCHPE-MAXION OF BRAZIL IN DEAL WITH AGCO
Date: 04 May 1996
Bloomberg Business News
Bloomberg News
Iochpe-Maxion S.A., a diversified Brazilian manufacturer, said yesterday that it had agreed to sell its farm and industrial machinery division to the Agco Corporation for $260 million. "The sale of our farm machinery division is in line with the company's strategy to focus its interests in the auto parts sector," Ronald Aldworth, investor relations director for Iochpe-Maxion, said. Agco, based in Duluth, Ga., produces tractors, combines and other agricultural machinery under the Massey-Ferguson and other brand names.
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COMPANY NEWS;TENNECO IN BID FOR ENERGY PLANT IN HUNGARY
Date: 04 May 1996
Bloomberg Business News
Bloomberg News
Tenneco Energy, a subsidiary of Tenneco Inc., said yesterday that it would acquire a stake of 50 percent plus one vote in a 60-megawatt power plant in Dunaujvaros, Hungary, after winning an auction for the stake. The plant will be expanded to at least 140 megawatts and Tenneco's stake will increase to 75 percent ownership, the company said. Tenneco Energy said the arrangement would be worth more than $100 million. Tenneco will buy its stake in the power plant from state-owned Dunaferr Dunai Vasmu Rt., Hungary's biggest steelmaker.
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COMPANY NEWS;MCLOUTH STEEL TO BE BOUGHT BY HAMLIN HOLDINGS
Date: 04 May 1996
Dow Jones
Dow Jones
The McLouth Steel Products Corporation, a struggling steelmaker in bankruptcy protection, said yesterday that it had agreed to be purchased by Hamlin Holdings. Terms were not disclosed. Hamlin is an affiliate of Reserve Group of Akron, Ohio, which invests in industrial companies. Hamlin plans to reopen McLouth's operations later this year and plans to modernize the steelmaker's operations. McLouth, which has annual revenue of about $400 million, is currently not making any steel. McLouth, which is employee owned, filed for bankruptcy protection last September after falling steel prices drove costs higher.
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COMPANY NEWS;READING & BATES SPURNED IN TRANSOCEAN BID
Date: 04 May 1996
Dow Jones
Dow Jones
The Reading & Bates Corporation of Houston said yesterday that it had made an offer to acquire Transocean A.S., the Norwegian offshore-drilling concern, for $1.51 billion in stock. But Transocean rejected the offer in favor of an offer made a week ago by Sonat Offshore Drilling Inc. for about $1.43 billion. Reading & Bates, a drilling company, said it had offered 1.245 shares of its own stock for each Transocean share. Reading & Bates said it believed its offer was more economically favorable for Transocean's shareholders and a better strategic fit between the two companies. But Transocean said that after talks with both Reading & Bates and Sonat, it had decided that the Sonat deal would be the best solution for the company.
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