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allianz said in its statement that it was acting to protect that interest which ties it to navigation mixte as a partner |
allianz 's statement stressed the company 's previously announced position that paribas 's offer price is too low |
allianz also suggested without saying so directly that it regrets that paribas is n't bidding for all of navigation mixte 's shares |
the problem here analysts say is that if paribas wins its N N remaining navigation mixte shares will fall in value |
that <unk> many current holders such as allianz which could n't be sure of selling all their shares if they tendered to paribas |
the allianz statement led to speculation that allianz eventually could sell to paribas |
that would be bad news for navigation mixte 's current management which was counting on allianz to help fend off paribas |
allianz did n't say whom if anyone it will support |
it said simply that it will boost its navigation mixte stake as it sees fit over the coming days to protect itself as long as it has french regulatory officials ' approval |
paribas currently intends to offer N francs a share for navigation mixte shares that receive full dividends this year |
it is to offer N francs for shares created on july N which receive partial dividends |
alternatively it would offer to swap three paribas shares for one navigation mixte share |
paribas already holds about N N of navigation mixte and the acquisition of the additional N N would cost it about N billion francs under its current bid |
the bid values navigation mixte at around N billion francs depending on how many holders of navigation mixte warrants exchange them for shares before the bid expires |
penn central corp. cincinnati said it agreed in principle to acquire noranda inc. 's carol cable co. unit for $ N million |
the company said carol cable based in <unk> r.i. is a leading supplier of electrical and electronic wire and cable for the distributor retail and original equipment manufacturer markets |
carol cable which operates N manufacturing plants had operating profit of $ N million on sales of $ N million for the first six months of this year and operating profit of $ N million on sales of $ N million for all of N |
the maker of telecommunications and defense equipment said carol cable 's portfolio and market focus would <unk> the company 's current wire and cable businesses |
the plan is subject to a satisfactory due <unk> investigation of carol cable by penn central a definitive agreement and regulatory approvals |
fletcher challenge ltd. said its <unk> unit agreed to acquire certain alberta oil and gas interests from amoco corp. 's canadian unit for about N million canadian dollars us$ N million |
fletcher challenge a big new <unk> forest products concern with <unk> operations in canada said the assets include stakes in four natural gas fields and one oil field near <unk> alberta plus gas processing facilities and about N acres of undeveloped land |
the proposed purchase requires approval from investment canada which monitors large foreign investments in canada |
amoco canada petroleum co. which operates the major properties included in the asset package said the sale is part of a plan to streamline its assets |
<unk> a new <unk> oil and gas producer said the planned purchase would be its first oil and gas acquisition outside its home country and would form the basis for a new <unk> exploration and production unit in canada |
miniscribe corp. <unk> colo. said it introduced a <unk> high <unk> hard disk drive that it hopes will prove popular with makers of <unk> laptop and portable computers |
the troubled disk drive maker aims with the new N <unk> disks to revive its reputation and sales growth |
miniscribe said the disk drives have more memory capacity than other disks that size |
miniscribe said it expects to begin full volume production of the drives in the u.s. and singapore in the first quarter next year |
a drive with N <unk> of capacity is scheduled for release during the third quarter of N |
miniscribe has been on the rocks since it disclosed early this year that its earnings reports for N were n't accurate |
after an internal investigation the company found that senior officials used a variety of schemes to <unk> sales gains including counting shipments of bricks and defective drives as sales |
the new york times co. said it reached a settlement with independent home delivery dealers in the metropolitan new york area that will free the newspaper to expand home delivery circulation |
the settlement stemmed from a lawsuit the dealers filed in N when the times began its own competing direct delivery service |
the pact calls for the times to pay dealers $ N million over six years as well as other payments in the form of subsidies over three years based on the number of new customers started by the dealers and on pricing structures the times said |
the amount of the settlement will be taken as a charge against earnings in the fourth quarter |
the settlement which involves most of the N independent newspaper dealers in the new york area will allow the times to freely operate its own direct home delivery system |
home delivery is the fastest growing segment of the times 's N million daily circulation |
currently about N N of home delivery subscribers in the new york area receive the paper directly from the times |
mercury savings & loan association <unk> beach calif. reported a third-quarter loss of $ N million or N cents a share compared with net income of $ N million or N cents a share in the year-earlier quarter |
mercury attributed the loss to rapid prepayments of loans and costs incurred in refinancing many house loans this past spring and summer when interest rates dipped |
the thrift hired an investment banker earlier this month to advise it regarding a possible sale or merger |
mercury also is shrinking itself part of its plan to change its emphasis from buying mortgage loans from mortgage brokers to making loans directly |
such a focus is more profitable more efficient and gives us a greater sense of control said william a. <unk> mercury 's senior executive vice president |
as of sept. N mercury 's assets were $ N billion down from $ N billion a year ago |
for the nine months mercury posted a loss of $ N million or N cents share against net income of $ N million or N cents share a year earlier |
mercury shares closed yesterday at $ N up N cents in new york stock exchange composite trading |
bancroft convertible fund inc. new york likely will reject a renewed offer from florida investor robert i. green to buy bancroft for $ N a share |
<unk> levine bancroft secretary and treasurer said the closed-end fund 's directors will consider mr. green 's offer in a couple of weeks at a regular meeting |
he has n't added anything mr. levine said predicting the board will again reject mr. green 's proposal |
in a securities and exchange commission filing mr. green said he had boosted his holdings in bancroft common to N N from N N and renewed an offer he made in march to acquire the fund |
mr. levine noted that bancroft 's shares have been trading at or above mr. green 's offering price for the last several months |
he said bancroft attorneys are scheduled to meet with mr. green 's attorneys in delaware chancery court at the end of this week to respond to the investor 's request for company records for the past five years |
mr. green could n't be reached |
giant group said a federal court in delaware has denied a motion by rally 's inc. seeking to block a group led by giant chairman burt sugarman from acquiring more of the company 's shares |
rally 's a fast-food chain based in louisville ky. is <unk> that mr. sugarman and two other company directors failed to disclose to the securities and exchange commission that they intended to acquire a big rally stake |
mr. sugarman has in turn contended that the other major shareholder group whose interests are represented by three other directors connected to trusts in the name of the children of the company 's founder james patterson has ties to a competing fast food chain wendy 's international inc |
the company last week assembled a <unk> committee of directors aligned with neither side to analyze the situation |
each group controls more than N N of rally 's stock |
the company just went public earlier this month |
rally 's had no comment but was expected to make an announcement this morning about the situation |
singer <unk> midler won a $ N federal court jury verdict against young & rubicam in a case that threatens a popular advertising industry practice of using <unk> performers to <unk> products |
the decision in los angeles federal court stems from a N mercury <unk> tv ad that young & rubicam worked up for ford motor co |
the ad agency had approached ms. midler about appearing but she declined citing a longstanding policy of refusing advertising work |
the agency then turned to a former backup singer for ms. midler who appeared in the ad and <unk> what was generally considered a more than credible <unk> of ms. midler 's N hit song do you <unk> dance |
the appeals court held when a distinctive voice of a professional singer is widely known and is deliberately <unk> in order to sell a product the sellers have appropriated what is not theirs |
the judge in the jury trial said there was insufficient evidence to hold ford liable in the case |
in a statement young & rubicam called the award unfortunate but <unk> |
peter <unk> a los angeles lawyer for ms. midler said we believe that the verdict <unk> her position and our position that advertisers and advertising agencies can not with <unk> <unk> the voices of well-known performers |
that is a property right that belongs to the performer |
the award although far less than the $ N million including punitive damages that ms. midler sought is likely to force madison avenue to further <unk> how they use famous <unk> in ads |
last year 's appeals court decision for instance spawned several suits reportedly including a recent action by the <unk> of singer bobby <unk> against mcdonald 's corp. over its mac tonight tv commercials a rough <unk> of mr. <unk> 's mack the <unk> trademark |
the <unk> decision last year was particularly surprising because the same court had dismissed a similar case in N involving singer nancy <unk> and a tire ad also a young & rubicam product |
ms. <unk> sued over the use of her these <unk> are made for <unk> song in the ad |
at that time the court held that such a claim would interfere with federal copyright law which has always <unk> down on the unauthorized copying of <unk> and musical <unk> but never actual performances |
one thing that is a little <unk> is that you had three old men on the court of appeals in california coming up with a statement that nancy <unk> is not distinctive but that <unk> midler is |
i am not sure that judges many of whom i like very much are proper <unk> for making <unk> about pop <unk> said richard <unk> a new york advertising lawyer |
nonetheless mr. <unk> said that the latest decisions are having a <unk> effect |
it has made people think twice about how they use music and is forcing them to be more <unk> about doing a particular <unk> of a song in its most famous form he said |
<unk> <unk> contributed to this article |
james river corp. richmond va. said it acquired the tissue operations of <unk> n.v. of the netherlands for about $ N million |
the dutch unit known as <unk> <unk> is a leading maker of consumer and <unk> tissue products for the <unk> region |
in addition the acquisition includes production assets of <unk> <unk> a maker of household tissue products for the u.k. and ireland |
the combined operations had N revenue of about $ N million |
james river a maker of pulp paper and plastic products already has interests in tissue businesses in france spain italy and turkey |
the company said it plans to form european ventures with italian and finnish companies |
the <unk> operations would become part of those ventures |
vitro s.a. of <unk> mexico said its <unk> corp. subsidiary has entered into definitive loan agreements in connection with vitro 's $ <unk> tender offer for <unk> glass container corp |
the agreements are with security pacific national bank and an affiliate of donaldson lufkin & jenrette securities corp |
proceeds of the loan agreement together with funds from vitro will permit the purchase of all shares outstanding of <unk> and the payment of all related costs and expenses |
vitro said the definitive agreements require that <unk> obtain a waiver from its bank lenders of existing <unk> defaults under its bank facilities |
since <unk> is still seeking this waiver vitro said the tender offer is being extended until N p.m. est tomorrow |
the dollar finished mostly stronger yesterday boosted by a modest recovery in share prices |
the dow jones industrial average climbed N points in a spate of bargain-hunting following last week 's declines |
attention is fixed on the stock market for lack of anything else to sink our teeth into said robert white a vice president at first interstate of california |
some analysts predict that in the absence of <unk> news to push the u.s. unit sharply higher or lower the currency is likely to <unk> below N marks this week |
but others reject the view and forecast the dollar will continue to hold its current tight trading pattern |
they argue that weakness in both the yen and sterling have helped offset bearish u.s. economic news and have lent support to the dollar |
in late new york trading yesterday the dollar was quoted at N marks up from N marks late friday and at N yen up from N yen late friday |
sterling was quoted at $ N up from $ N late friday |
the dollar rose against the swiss and french francs |
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