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UtiliCorp United Inc said it
has closed the previously announced acquisition of West
Virginia Power from Dominion Resources Inc for about 21 mln
dlrs.
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Chicago physician LeRoy Pesch said he
has had discussions with several American Medical International
Inc shareholders and sees support for a restructuring of the
company.
Pesch said he has discussed his sweetened, 1.91 billion dlr
takeover bid for American Medical with several large
shareholders, including the biggest investor, the Bass family
of Texas. However, the Bass family has not indicated support
one way or the other for his offer, he said.
Pesch, in an interview with Reuters, said based on the
conversations he held with shareholders, he could not guage
whether he had majority support. He said, however, there is
support for his offer.
Pesch would not identify shareholders with whom he held
discussions other than the Bass family and the Wedge Group Inc,
the only other holder of more than five pct of American Medical
stock.
Earlier today, Wedge Group, which has a 5.5 pct stake,
said it held discussions with Pesch, American Medical
management and other American Medical shareholders.
Wedge, in a filing with the Securities and Exchange
Commission, said it believes a restructuring of American
Medical and its business would be "highly desirable and
appropriate at this time."
"That's the sort of position that I find a large segment of
shareholders of AMI really share," said Pesch.
Pesch said he held discussions with Wedge about joining his
takeover effort, in which he is offering 17 dlrs cash, four
dlrs in preferred stock and one dlr in common stock for each
American Medical share. Wedge said it has no plans to join in
an effort to seek control of American Medical, but it would not
rule out a future takeover try.
Pesch said he did not discuss a joint takeover proposal
with the Bass family.
Some analysts saw the Wedge statement as a boost to Pesch's
takeover effort and a further sign that there could be some
shareholder dissatisfaction following American Medical's
previous rejection of a 20 dlr per share all cash offer from
Pesch.
American Medical is expected to resist Pesch's latest bid.
Larry Feinberg, an analyst with Dean Witter Reynolds Inc said a
management-led leveraged buyout cannot be ruled out.
An American Medical spokesman said the company will comment
on the new Pesch offer by March 10.
Analysts continue to view the Bass family as a factor in
the outcome of the bid for control of American Medical.
The Bass family holds an 11. 6 pct stake in American
Medical, and the company has previously said the investors
support management's internal plan to improve the company's
performance. The Bass family would not comment on American
Medical or Pesch.
Pesch, who led the leveraged buyout of Republic Health Corp
last year, continues to face a credibilty problem on Wall
Street because of the long time it took to finish the Republic
acquisition.
Republic also has substantial debt, and has left wall
street questioning whether financing can be completed for the
much larger American Medical takeover proposal.
Pesch's first offer for American Medical was made without
an investment banking firm, another cause for concern to Wall
Street. However, Pesch entered his second offer with
representation from Donaldson, Lufkin, and Jenrette Securities
and Security Pacific Merchant Banking Group.
"I don't have any doubt that the current transaction can be
worked out and completed, provided we get to the point where
Ami management will sit down and talk in a friendly
environment," Pesch said.
Pesch would not elaborate on what type of financing
arrangements are being made. He did say if he succeeds in
acquiring American Medical he plans to keep much of American
Medical management in place.
He said he plans to combine the company with Republic to
form an efficient network of hospitals.
Analysts said they do not believe a much higher offer could
be made for American Medical.
Byron Nimocks of E.F. Hutton Group said improved second
fiscal quarter earnings could make American Medical stock worth
about 20 dlrs per share.
Nimocks estimates American Medical earnings for the second
quarter ended February 28 could be 35 cts, compared to a 95 ct
loss last year.
Nimocks said Pesch's revised offer is not worth much more
than the 20 dlrs cash offered previously.
But Feinberg said there is a better chance a transaction
could be completed because of the revised structure of the
offer. "I think it's much more doable," he said.
Analysts have said American Medical has begun a turnaround
by replacing some members of management and reducing costs.
Reuter
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Shr 16 cts vs 22 cts
Net 1,226,597 vs 1,327,016
Revs 6,598,580 vs 5,921,828
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Coastal Bancorp said the U.S.
Federal Reserve Board approved the acquisition of Coastal by
Suffield Financial Corp <SSBK>.
The acquisition still requires approval from the Banking
Department in Maine, the company noted.
Reuter
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Qtr ended Dec 31
Shr profit nil vs loss nil
Net profit 858 vs loss 3,957
Revs 7,372 vs 1,500
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AMCA International Ltd said it finalized
agreement to sell certain assets and inventories of its
Dominion Bridge steel service center operations to <Federal
Industries Ltd>'s Russelsteel Inc unit. Terms were undisclosed.
It said the sale involved assets and operations of the
general line of steel service centers in Toronto and Edmonton,
Alberta and steel from inventories of closed AMCA branches.
The company said the sale was part of a previously
announced restructuring program to allow it to focus on certain
core businesses and generate cash to cut debt.
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<Scott's Hospitality Inc> said it
acquired Capital Food Services Ltd, Ottawa's largest catering
and food service company, for undisclosed terms.
Scott's said it would operate Capital Food as a separate
unit under Capital's current name and management.
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Union National Corp said it
signed a definitive agreement under which its First National
Bank and Trust Co of Washington unit will merge with <Second
National Bank of Masontown>.
Under a previously announced merger agreement, each share
of Second National's common stock will be converted into 25
shares of Union National common.
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Several analysts said they do not
believe another suitor will top the 265 mln dlr bid for
Purolator Courier Corp by E.F. Hutton LBO Inc and a management
group from Purolator's courier division.
There had been speculation another offer might be
forthcoming, but analysts mostly believe the 35 dlrs per share
price being paid by Hutton and the managers' PC Acquisition Inc
is fully valued.
Analysts and some Wall Street sources said they doubted
another bidder would emerge since Purolator had been for sale
for sometime before a deal was struck with Hutton Friday.
Purolator's stock slipped 3/8 today to close at 34-3/4. It
had been trading slightly higher than the 35 dlr offer on
Friday. At least one analyst Friday speculated the company
might fetch 38 to 42 dlrs per share.
analysts and wall street sources doubted a competitive
offer would emerge since the company has been for sale for
sometime before the deal with Hutton was struck Friday.
Hutton had been in talks with Purolator's adviser, Dillon,
Read and Co since late December, a Hutton spokesman said.
Hutton is offering 35 dlrs cash per share for 83 pct of the
shares. If all shares are tendered, shareholders would receive
29 dlrs cash, six dlrs in debentures, and warrants for stock in
a subsidiary of PC Acquisition containing the Purolator U.S.
courier operation. Hutton values the warrants at two to three
dlrs per share.
Wall Street sources also said today that a rival bidder
might be discouraged by a breakup fee Purolator would have to
pay if it ends its agreement with Hutton. The sources would not
reveal the amount of the fee, which will be noted in documents
on the transaction to be made public later this week.
Reuter
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Shr 15 cts vs 55 cts
Net 557,000 vs 2,020,000
Revs 8,872,000 vs 13,908,000
Year
Shr 60 cts vs 2.52 dlrs
Net 2,198,000 vs 9,313,000
Revs 36.9 mln vs 55.7 mln
Reuter
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Qtr ended Jan 31
Shr 33 cts vs 29 cts
Net 14.8 mln vs 11 mln
Revs 108.6 mln vs 70.0 mln
Avg shrs 45.2 mln vs 37.6 mln
Nine mths
Shr 88 cts vs 76 cts
Net 36.7 mln vs 28.7 mln
Revs 260.4 mln vs 193.0 mln
Avg shrs 41.9 mln vs 37.8 mln
Note: Net for nine mths includes gains from dispositions of
1,783,000 dlrs or four cts a share vs 900,000 dlrs or two cts a
share.
Avg shrs and shr data restated to reflect three-for-two
stock split in January.
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Qtly div 25 cts vs 25 cts
Pay April 24
Record March 31
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Shr 24 cts
Net 412,737
Revs 605,321
Year
Shr 93 cts
Net 1,577,892
Revs 2,345,261
NOTE: Full name CPL Real Estate Investment Trust.
Company was formed Dec 30, 1985.
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Shr loss 85 cts vs loss 88 cts
Net loss 2,410,000 vs loss 2,466,0000
Revs 24.0 mln vs 23.9 mln
Year
Shr loss 1.18 dlrs vs loss 81 cts
Net loss 3,338,000 vs loss 2,275,000
Revs 101.4 mln vs 112.3 mln
Reuter
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Shr profit four cts vs loss 16 cts
Net profit 155,383 vs loss 577,336
Note: Net includes tax credit of 51,226 dlrs or one ct per
share.
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Shr 81 cts vs 57 cts
Net 3,660,273 vs 2,437,914
Revs 28.5 mln vs 23.1 mln
Six mths
Shr 29 cts vs 12 cts
Net 1,325,755 vs 483,559
Revs 31.7 mln vs 26.4 mln
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Ferro Corp said it has formed a
joint venture with Paris-based Alsthom Inudstrial Group to
export U.S. epxertise in specialty composite materials to the
European market.
Ferro said although the airframe and aerospace industries
are the prime users of composite materials today, it plans to
develop applications for the ground transportation and
industrial markets in the near future.
Ferro also announced it has agreed to purchase CompositAir,
a developer of composit materials applications, for an
undisclosed sum.
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The New York Mercantile Exchange said
it will introduce exchanges for physicals (EFPS) to its energy
futures markets April one.
An exchange spokeswoman said the change will allow oil
traders that do not hold a futures position to initiate, after
the exchange closes, a transaction that can subsequently be
hedged in the futures market.
EFPs, already in effect for platinum futures on NYMEX, are
expected to increase the open interest and liquidity in U.S.
energy futures, according to traders and analysts.
The Commodity Futures Trading Commission approved the rule
change in February, according to a CFTC spokeswoman.
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<CCL Industries Inc>'s Continental Can
Canada Inc unit said it acquired the Wallaceburg, Ontario,
metal can making operations of Nestle Enterprises Ltd, wholly
owned by <Nestle SA>, of Switzerland. Terms were undisclosed.
Continental Can said it would supply Nestle's equivalent
can requirements under a long-term agreement.
Nestle said it decided to stop manufacturing cans "in order
to be in a better position to take full advantage of the
changes underway or on the horizon in food packaging
technology."
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<MFS Managed Muncipal Trust Bond>
said it declared a monthly payout income distribution of 5.7
cts a share compared with 5.6 cts for the previous month.
It said the distribution is payable March 20 to
shareholders of record March two.
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MFS Municipal Income Trust said it
declared a monthly income distribution of 5.7 cts a share
compared with 5.5 cts a share paid in the previous month.
It said the distribution is payable March 27 to
shareholders of record March 13.
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Shr 1.35 dlrs vs two dlrs
Net 6,195,000 vs 9,202,000
Sales 157.5 mln vs 151.6 mln
Year
Shr 6.02 dlrs vs 6.78 dlrs
Net 27,608,000 vs 31,117,000
Sales 585.7 mln vs 541.3 mln
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Armtek Corp, previously the
Armstrong Rubber Co, said it agreed to sell its industrial tire
and assembly division to a Dyneer Corp <DYR> for an undisclosed
sum.
It said the agreement covers the division's tire production
facility in Clinton, Tenn., and its plants serving original
equipment and replacement markets. Armstrong Tire Co, an Armtek
unit, will continue to sell replacement industrial tires, the
company said.
Final closing is expected in the third fiscal quarter
ending June 30.
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Qtly dividend 28 cts vs 28 cts
Pay April 24
Record April 10
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Greece, responding to a warning by Turkey
against conducting oil activities in the Aegean Sea, said today
it had the right to decide where and how to do research or
drilling work in the area.
A government spokesman said the Greek position was made
clear to Turkey's ambassador Nazmi Akiman when he met Greek
Foreign Affairs Undersecretary Yannis Kapsis last week.
Acting Turkish Prime Minister Kaya Erdem said earlier today
Greek activities in the northern Aegean contravened the 1976
Berne Agreement which set the framework for talks on the Aegean
continental shelf disputed between Ankara and Athens.
The Greek statement today said, "Greece is not prepared to
give up even a trace of its sovereignty rights to the seabed.
It has been stressed to...Mr Akiman that the decision where or
how to drill belongs exclusively to the Greek government."
"The Greek government has repeatedly let the Turkish side
know that it considers the 1976 Berne protocol as inactive
through the fault of Turkey," it said.
The Greek statement said Athens was ready to put the
continental shelf issue before international courts.
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Leucadia National Corp said two of
its subsidiaries have acquired a 7.2 pct stake in Minstar Inc,
a corporation controlled by corporate raider Irwin Jacobs and
used by him in his forays to acquire stock in companies.
In a filing with the Securities and Exchange Commission,
Leucadia said its LNC Investments Inc, a Newark, Del.,
investment firm, and Charter National Life Insurance Co, a St.
Louis joint stock life insurance company, bought their combined
1,261,000 Minstar common shares for investment purposes only.
The Leucadia subsidiaries had held an 11.0 pct stake in
Minstar, but cut to 1.8 pct, or 313,200 shares, last July.
Since July, Leucadia said its companies have bought 947,800
Minstar common shares for a total of 24.7 mln dlrs.
Leucadia said it bought the Minstar stake to obtain an
equity position in the company and has no intention of seeking
control of it.
Nearly half of Leucadia's common stock is owned by TLC
Associates, a Salt Lake City, Utah, general partnership, whose
partners include the chairman and president of Leucadia and
other investors.
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Oper shr loss eight cts vs profit 20 cts
Oper net loss 768,000 vs profit 1,962,000
Revs 49.0 mln vs 43.6 mln
12 mths
Oper shr loss 1.41 dlrs vs profit 96 cts
Oper net loss 13.6 mln vs profit 9,305,000
Revs 175.3 mln vs 140.7 mln
Note: Oper excludes loss from discontinued operations of
4,676,000 dlrs or 48 cts a share for year-ago qtr and 7,571,000
dlrs or 78 cts a share for year-ago 12 mths.
Oper includes charge of 1.1 mln dlrs for cumulative effect
of repeal of the investment tax credit for qtr and writedown of
21.6 mln dlrs on gas and oil facilities for 12 mths.
Year-ago shr data restated to reflect two pct stock
dividend of December 1986.
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Microbiological Research Corp
said it entered into a letter of intent for a proposed business
combination with privately owned <DataGene Scientific
Laboratories Inc>, and <Milex Corp> a newly formed company,
through a stock swap.
It also said it received 100,000 dlrs from the sale of a
convertible note to Ventana Growth Fund as part of an overall
1,100,000 equity financing plan with Ventana. Under that plan,
a minimum of 400,000 dlrs and a maximum of one mln dlrs of
additional new capital is to be provided to fund the combined
operations of the three companies.
Microbiological also said that if the maximum additional
capital is raised, it will own about 49 pct of 4,550,00 shares
of common outstanding in the new combined company, DataGene
holders will own 29 pct, and Ventana and others will own 13
pct.
It said the remaining nine pct will be held by Milex
shareholder Norman Monson, who will become chief executive
officer of the combined companies.
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French industry is failing to produce the
goods its markets need and its loss of competitiveness has left
the government little room for manoeuvre to reflate the
economy, the Organisation for Economic Cooperation and
Development said.
With gross domestic product likely to grow only 2.1 pct
this year, the same rate as last year, unemployment could climb
to 11.5 pct of the workforce by mid-1988, from its present 10.9
pct, it said in an annual review of the French economy.
The report said the French economy was "increasingly
ill-adapted to demand" selling goods at "uncompetitive relative
prices on both domestic and export markets."
"France's poor export performance reflects a geographical
bias in favour of markets less dynamic than the average...
And...A substantial loss of market share...In the past 18
months," it said.
Pointing to a likely widening of the French trade deficit
to around 2.9 billion dlrs this year from 2.4 billion in 1986,
it warned that a further depreciation of the dollar against the
franc could lead to "a (renewed) loss of competitiveness
relative not only to the United States but also to the newly
industrialised countries."
This could result in further major losses of market share,
particularly in the non-OECD area, which accounts for almost a
quarter of French exports, it said.
Until the competitive ability of industry improved, the
authorities would have "little scope for macroeconomic
manoeuvre, even if the unemployment situation or the need to
encourage a pickup in investment could require demand to grow
more briskly," it added.
But rising unemployment could help to hold down wage
demands, contributing to a slowdown in inflation to around a
two pct annual rate this year and early next, the OECD said.
Written mainly in December last year, the report took no
account of a rise in oil prices early in 1987, and a 0.9 pct
surge in January consumer prices, caused partly by the
government's deregulation of service sector tariffs.
"We took a bet that the freeing of prices would not provoke
runaway rises, and it is not absolutely certain that bet has
been lost," one OECD official commented.
OECD officials said the January data and a rise in oil
prices above the 15 dlrs a barrel average assumed in the
report, indicated an upward revision in the inflation forecast
to around 2.5 or three pct.
The government last week revised its forecast up to between
2.4 and 2.5 pct from two pct, against last year's 2.1 pct.
But the OECD backed the government's view that the
underlying trend for inflation remained downwards this year,
with a slowdown in domestic costs taking over from last year's
fall in oil and commodity prices as the chief cause of
disinflation.
With French unit productivity costs now among the lowest in
the OECD area, the inflation differential between France and
its main trading rival, West Germany, could fall to just one
pct this year, it said.
On the other hand, the report noted, consumer prices for
industrial goods and private services have been rising steeply
as companies built up their profits.
"For the disinflationary process to continue , and price
competitiveness to become lastingly compatible with exchange
rate stability, it is essential that wage restraint continue,"
it said.
REUTER
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Mitchell Hutchins Asset Management
Inc, a New York investment firm and subsidiary of PaineWebber
Group Inc, said it raised its voting stake in Shaer Shoe Corp
to 76,000 shares, or 7.5 pct, from 52,100 shares, or 5.1 pct.
In a filing with the Securities and Exchange Commission,
Mitchell Hutchins said it bought 11,900 shares between Jan 8
and Feb 24 at prices ranging from 12.125 to 12.75 dlrs a share
and obtained voting control over another 12,000 shares.
The firm has said it bought the stake as an investment on
behalf of its clients, but said it has had discussions with
Shaer management. It did not disclose the topic of the talks.
Reuter
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Shr 32 cts vs 22 cts
Net 3,454,000 vs 2,224,000
Revs 33.2 mln vs 28.1 mln
Nine mths
Shr 64 cts vs 38 cts
Net 6,935,000 vs 3,877,000
Revs 86.8 mln vs 70.9 mln
Reuter
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Shr profit 14 cts vs profit two cts
Net profit 452,723 vs profit 50,581
Revs 5,065,543 vs 2,898,363
Year
Shr profit 45 cts vs loss 15 cts
Net profit 1,276,472 vs loss 340,081
Revs 16.0 mln vs 9,304,466
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Rexnord Inc said it will redeem
all of its preferred stock purchase rights for 10 cts a right
effective today.
Rexnord said the rights will be redeemed because it is
expected its shares will be tendered under a January 30
takeover offer from Banner Acquisition Corp. The rights trade
in tandem with Rexnord's common stock.
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(Groupe Cantrex Inc) said it plans to
merge a new wholly-owned subsidiary a merger agreement with
(CAP Appliance Purchasers Inc), of Woodstock, Ontario, a group
of about 400 appliance and electronics retailers.
It said CAP shareholders will receive 140,700 first
preferred Groupe Cantrex shares entitling the holders to
receive 6.05 dlrs per share or the equivilant in class A
subordinate voting Cantrex shares.
The merger is effective April one and is subject to
shareholder approval.
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Two affiliated investment firms and
the investment funds they control said they raised their
combined stake in LDBrinkman Corp to 653,600 shares, or 10.9
pct of the total outstanding from 585,600 shares, or 9.7 pct.
In a filing with the Securities and Exchange Commission,
Fidelity International Ltd, a Bermuda-based firm, said its
funds bought 68,000 LDBrinkman common shares between Jan 5 and
Feb 19 at prices ranging from 5.30 to 5.445 dlrs a share.
Funds controlled by FMR Corp, a Boston-based investment
firm affiliated with Fidelity, hold 251,100 shares, bringing
the combined total to 653,600 shares, Fidelity said.
Reuter
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Hartford Insurance Group, a unit
of New York-based ITT Corp, said higher worldwide premiums help
boost net income for the 1986 fourth quarter to 88.6 mln dlrs,
from net income of 36.7 mln dlrs for the 1985 quarter.
For the full year, Hartford said it earned 329 mln dlrs, up
from 151.4 mln dlrs in 1985.
Hartford said results for the year were aided by a gain of
46.5 mln dlrs on the sale of its remaining 52 pct stake in
Abbey Life Group PLC. For 1985, the company posted a gain of
14.3 mln dlrs on the sale of 48 pct of Abbey Life.
Hartford said total property-casualty and life-health
written premiums rose 25 pct in 1986, to eight billion dlrs,
from 6.4 billion dlrs in 1985.
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The federal Securities and Exchange
Commission (SEC) is looking for possible securities laws
violations in connection with an unsuccessful 1986 bid by
Hollywood producer Burt Sugarman to take over TRE Corp,
attorneys contacted by SEC investigators said.
During the takeeover attempt, a unit of Sugarman's Giant
Group Ltd at one point held a 9.9 pct stake in TRE.
It had help in that effort from Jefferies Group Inc, a Los
Angeles investment banking firm which sold it an option on a
portion of the shares Sugarman eventually acquired.
In addition, a company controlled by Sugarman raised 35 mln
dlrs in a debt offering underwritten by Drexel Burnham Lambert
Inc with help from Jefferies, and used a portion of the
proceeds to buy TRE stock.
Finally, Reliance Group Holdings Inc acquired nearly six
pct of TRE, according to an SEEC filing.
The attorneys, who asked not to be identified, said the SEC
was investigating whether Sugarman and other firms with TRE
holdings were working together without disclosing their
cooperation, as would be required by the federal securities
laws.
One attorney said SEC probers also were examining whether
Sugarman and Drexel had made adequate disclosures of its
intended usage of the proceeds in the prospectus for the 35 mln
dlr bond offering.
A TRE spokesman confirmed that TRE, since December a unit
of Aluminum Co of America, had been contacted by SEC
investigators and was cooperating with the probe.
The spokesman added that TRE Chairman Leopold Wyler had
been interviewed by the SEC probers.
A Jefferies spokesman said the SEC had asked for
information a few months ago as part of an informal probe.
The spokesman said Jefferies had cooperated with the agency
and had heard nothing more since that time.
"To the best of our knowledge, Jefferies is not the target
of a formal SEC investigation" in connection with the TRE bid,
he said.
A Drexel spokesman acknowledged that his firm had
underwritten the debt offering for Sugarman but added:
"We had nothing to do with TRE."
As a matter of policy, the SEC routinely declines to
comment on its enforcement activities.
Reuter
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February volume at the Chicago Board of
Trade, CBT, declined 14 pct from the year-ago month to
8,191,266 contracts, the exchange said.
A relatively steady interest rate climate reduced volume in
the most active contract, Treasury bond futures, by 17.5 pct
from a year ago to 4,307,645 contracts.
However, trading in most agricultural futures contracts
increased last month, led by oats and corn futures.
Oats volume tripled to 27,662 contracts, and corn volume
increased 35 pct to 580,204 contracts. Wheat and soybean oil
futures activity also rose from a year ago, while soybean and
soybean oil volume slipped, the exchange said.
Major Market Index futures increased activity 37 pct during
the month with 194,697 contracts changing hands.
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Grain trade representatives continued
to speculate that the Reagan administration will offer
subsidized wheat to the Soviet Union, while U.S. Agriculture
Department officials said there was no substance to the
reports.
"It's pure fiction," said one senior official at USDA's
Foreign Agricultural Service, referring to the rumor that the
administration would make an export enhancement offer to Moscow
in the next two to three weeks.
An aide to Agriculture Secretary Richard Lyng who asked not
to be identified said there was nothing to substantiate the
speculation, which he said was started by "somebody fanning the
(wheat) market." Wheat futures strengthened today, partly on the
basis of the speculation.
One lobbyist with close connections to the Reagan
administration said a Soviet trade team told private grain
trade officials in New York last week that Moscow would buy as
much as four mln tonnes of U.S. wheat, much of it before
mid-year, if it was "competitively priced."
Alexander Ivlev, an official with Amtorg, a Soviet trading
organization, told Reuters he had no information to
substantiate the rumors of an imminent wheat subsidy offer, but
said that Moscow "would consider" buying U.S. wheat if it was
competitively priced.
"We don't care if it is EEP, what we (the Soviets) are
looking for is competitive prices," Ivlev said. "If they (the
administration) are interested in selling it (wheat), they
should find ways to do it."
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Canadian seafarers are almost certain
to go on strike this spring in a refusal to meet rollbacks in
wages and benefits asked for by their employers, Seafarers'
International Union official Roman Gralewicz said.
"It's 99.9 percent--I guarantee you a strike," Gralewicz
said in an interview.
The union represents about 2,300 workers on the Great Lakes
and Canada's East and West coasts. Contract talks broke off in
January and a conciliator has been appointed to try to help
settle the dispute. The current contract expires at the end of
March.
The seafarers' employers are also asking for a reduction in
crew levels, a move which the union said would cost about 400
jobs.
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Oper shr loss 22 cts vs profit 10 cts
Oper net loss 1,626,000 vs pofit 702,000
Revs 98.3 mln vs 105.1 mln
12 mths
Oper shr profit 18 cts vs profit 82 cts
Oper net profit 1,293,000 vs profit 5,940,000
Revs 396.2 mln vs 396.7 mln
Note: Oper net excludes loss from discontinued operations
of 2,112,000 dlrs or 39 cts a share for year-ago qtr and
2,036,000 dlrs or 1.10 dlrs a share for year-ago 12 mths.
Reuter
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Qtr ended Jan 31
Shr 1.16 dlrs vs 1.15 dlrs
Net 32.4 mln vs 33.5 mln
Revs 629.0 mln vs 538.6 mln
Avg shrs 32.1 mln vs 29.2 mln
12 mths
Shr 2.35 dlrs vs 2.29 dlrs
Net 74.5 mln vs 66.9 mln
Revs 1.85 billion vs 1.60 billion
Avg shrs 31.7 mln vs 29.2 mln
Note: Shr/avg shrs data show 2-for-1 split in Nov. 1985.
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Kentucky Central Life Insurance
Co said it declared a semi-annual dividend of 55 cts per share,
payable March 31 to shareholders or record March 19.
The dividend is equal to the company's previous semi-annual
payout.
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Qtly div 28 cts vs 28 cts prior
Pay April 20
Record March 31
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Ford Europe's net earnings soared by 71
per cent last year to 559 mln dlrs, Kenneth Whipple, chairman
of Ford Europe, said.
Whipple, here to attend the Geneva Auto Show which opens on
Thursday, said that the Ford Motor Co unit had sold a record
1.5 million vehicles in Europe in 1986.
Net earnings were 326 mln dlrs in 1985.
Sales in 1986 represented 11.8 per cent of the European
market share, Whipple said. Ford will invest 1.2 billion
dollars in Europe in 1987, and a total of seven billion over
the next seven years, he added.
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The yen should stabilize at around
152 to 153 to the U.S. Dollar for about a year, the Bank of
Tokyo's economic adviser Koei Narusawa said.
"Both sides are showing clear interest to secure stability
of the currencies. The major target of the Japanese government
is to maintain the yen at above 150, at least for the rest of
the year," he told reporters during a brief visit to Malaysia.
Narusawa said the U.S. Is unlikely to push the yen up
further because this might spark off inflation and depress the
U.S. Economy before the 1988 presidential election.
The yen is trading at around 153.70 to the dollar.
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Opec remains within its agreed output
ceiling of 15.8 mln barrels a day, and had expected current
fluctuations in the spot market of one or two dlrs, Indonesian
Energy Minister Subroto said.
He told reporters after meeting with President Suharto that
present weakness in the spot oil market was the result of
warmer weather in the U.S. And Europe which reduced demand for
oil.
Prices had also been forced down because refineries were
using up old stock, he said.
He denied that Opec was exceeding its agreed production
ceiling. Asked what Opec's output level was now, he replied:
"Below 15.8 (mln barrels per day)." He did not elaborate.
He said there appeared to have been some attempts to
manipulate the market, but if all Opec members stick by the
cartel's December pricing agreement it would get through
present price difficulties.
He predicted that prices would recover again in the third
and fourth quarters of 1987.
He also reiterated that there was no need for an emergency
Opec meeting.
He said Opec had expected to see some fluctuations in the
spot price. "We hope the weak price will be overcome, and
predict the price will be better in the third and fourth
quarters."
Refiners, he said, appeared to have used up old stock
deliberately to cause slack demand in the market and the price
to fall. But Opec would get through this period if members
stuck together.
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The government's industry aid and
protection review body, the Industries Assistance Commission
(IAC), will hold a 12-month inquiry into the Australian wheat
industry, Primary Industry Minister John Kerin said.
The IAC has been asked to report on the need for assistance
to the industry and the nature, duration and extent of any aid,
he said in a statement.
He said the inquiry will be the first step in setting
marketing arrangements to apply after June 30, 1989, when the
underwriting and pricing provisions of the 1984 Wheat Marketing
Act expire.
Kerin said the broad-ranging reference would allow a full
examination of all aspects of the wheat-marketing system.
"The inquiry will be required to take into account changes
which have taken place in the industry as a result of the
agricultural policies of major wheat producing countries and
the industry's capacity to adjust to any recommended changes,"
he said.
"The inquiry is at an important time for the wheat industry,
as the substantial fall in world prices is likely to trigger
underwriting support from the government for the first time," he
said.
Kerin was referring to the government's underwriting of the
guaranteed minimum price paid to wheatgrowers by the Australian
Wheat Board near the start of the season.
The IAC's report will be due at the same time as the
findings of the current Royal Commission into Grain Storage,
Handling and Transport, Kerin said.
He said the timing of the IAC inquiry would allow its
findings and those of the Royal Commission to be considered in
later negotiations on wheat-marketing arrangements between the
federal and state governments and the industry.
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Equity investment company <Battery
Group Ltd> said it had agreed to buy <Occidental Life Insurance
Co of Australia Ltd> from TransAmerica Corp <TA> of the U.S.
For 105 mln Australian dlrs.
The acquisition has been made possible by the efforts of
its major shareholder, <Pratt and Co Financial Services Pty
Ltd>, Battery Group said in a statement.
The purchase will be partly funded by the issue of eight
mln shares at 4.50 dlrs each and four mln free options to the
Pratt Group, controlled by entrepreneur Dick Pratt, plus four
mln shares to professional investors at 4.50 each, it said.
The balance will be funded by debt, Battery Group said.
The acquisition is subject to the approval of its
shareholders.
On completion of the share placements, Pratt Group will
effectively have 51 pct of Battery's enlarged capital, assuming
exercise of all options, it said. Battery now has 22 mln shares
on issue.
Battery said Occidental Life is a major underwriter of
individual term life insurance and a recent but fast-growing
entrant in the individual account superannuation market.
It has some 200 mln dlrs in funds under management.
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Net 138.20 mln dlrs vs 87.80 mln.
Shr 24.8 cents vs 17.8
Final div to announced after July 1, vs final 10 cents
making 15.
Sales revenue 4.81 billion vs 4.69 billion
Investment income 116.93 mln vs 60.61 mln
Shrs 494.35 mln vs 494.22 mln.
NOTE - Net is after tax 171.03 mln dlrs vs 188.52 mln,
interest 337.39 mln vs 308.68 mln, depreciation 352.32 mln vs
333.05 mln but before net extraordinary loss 250.28 mln vs
profit 28.03 mln.
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Net profit 57.1 mln dlrs vs loss 69.1 mln.
Net is equity accounted
Pre-equity accounted net 39.90 mln dlrs vs loss 49.11 mln
Pre-equity shr profit 7.1 cents vs loss 8.7
Final div to be announced after July 1 vs first and final
1.0 cent.
Sales 1.88 billion vs 1.78 billion
Other income 52.75 mln vs 15.22 mln
Shrs 560.61 mln vs same.
NOTE - Net is after tax paid 46.85 mln dlrs vs credit 5.02
mln, interest 127.68 mln vs 117.19 mln, depreciation 109.29 mln
vs 100.73 mln and minorities 1.50 mln vs loss 331,000.
But net is before net extraordinary loss 140.5 mln vs nil.
Extraordinaries comprise exchange losses 102.9 mln, provision
for Goldendale smelter closure costs 27.3 mln and increase in
future tax provision 10.3 mln.
REUTER
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The Ministry of International Trade and
Industry (MITI) acted to tighten restrictions on microchip
exports to countries other than the U.S. To preserve a
U.S.-Japan pact on semiconductor trade, but major Japanese
chipmakers doubt its usefulness.
A MITI spokesman said his ministry had asked chipmakers to
issue certificates to specified trading houses stating they are
authorised exporters.
Trading houses applying for a MITI export licence will be
required to show such a certificate, but those without it will
not automatically be denied licences, he said.
But some industry officials predicted any government
measures were likely to have limited effect as long as the
world semiconductor market remained weak.
U.S. Government and industry officials have complained
repeatedly that Japanese chipmakers continue to sell at below
cost to third countries despite the July agreement.
Japanese firms and officials in turn argue the flow of
cheap chips to third countries is due to grey-market sales by
third-party brokers, who seek to profit from the gap between
low prices in Japan and higher prices based on production costs
and set for Japanese makers under the agreement.
The MITI spokesman said, "If the percentage of grey market
is increasing for one specific company, it suggests they are
distributing their products through their sales network knowing
they will be exported by some means. In that case we will ask
them what they are doing to reduce the figure."
MITI earlier asked makers to cut output of certain chips by
10 pct in first-quarter 1987, spokesmen for the firms said.
But they doubt the usefulness of the latest move. "As long
as there is a gap between prices set under the pact and market
prices, there will be people who want to exploit the gap to
make money," a Hitachi Ltd <HIT.T> spokesman said.
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Shr 27.5p vs 24.3p
Div 3.95p vs 3.34p making 6.5p vs 5.5p
Pre-tax profit 85.1 mln stg vs 72.3 mln
Turnover 702.6 mln vs 646.7 mln
Tax 18.4 mln vs 15.2 mln
Finance charges 4.1 mln vs 5.4 mln
Minority interest 0.1 mln vs 0.5 mln
Extraordinary debit, being closure and restructuring costs
4.9 mln vs 3.7 mln
Operating profit includes -
Pharmaceutical 49.8 mln vs 39.0 mln
Scientific equipment 23.2 mln vs 19.2 mln
Horticulture 8.0 mln vs 8.7 mln
Note - company said it plans one-for-one capitalisation
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The Philippines must devalue the peso if
it wants its exports to remain competitive, Economic Planning
Secretary Solita Monsod told Reuters.
"The peso/dollar rate has to be undercut to make our exports
more competitive," Monsod said an interview. "No question about
it. I'm saying you cannot argue with success. Taiwan, South
Korea, West Germany, Japan, all those miracle economies
deliberately undervalued their currencies."
The peso has been free-floating since June 1984. It is
currently at about 20.50 to the U.S. Dollar.
Finance Secretary Jaime Ongpin has said the government does
not intend to devalue the peso and wants it to be flexible and
able to continue to respond to market conditions.
Monsod said Ongpin was looking at the exchange rate from
the point of view of finance. "If the dollar rate goes higher,
our debt service in terms of pesos gets higher, so the
financing is very difficult," she said. "But I am looking at it
in terms of the economy."
She said she was not trying to oppose official policy.
"I'm just saying, keep it competitive. I do not want it to
become uncompetitive because then we are dead."
Monsod said, "The ideal movement in the peso/dollar rate is
a movement that will reflect differences in inflation (rates)
of the Philippines versus the other country. It's an arithmetic
thing."
Official figures show Philippine inflation averaged 0.8 pct
in calendar 1986. Ongpin told reporters on Saturday it was
expected to touch five pct this year.
He said the government and the International Monetary Fund
had set the peso/dollar 1987 target rate at 20.80.
The peso lost 22.2 pct in value to slump to 18.002 to the
dollar when it was floated in 1984.
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The U.K. Trade Department said it would
not refer Consolidated Goldfields Plc's <CGLD.L> purchase of
<American Aggregates Corp> to the Monopolies Commission.
Cons Gold said last month that its <ARC America Corp> unit
had agreed to buy the Ohio-based company for 30.625 dlrs a
share cash, or 242 mln dlrs, in a deal recommended by the
Aggregates board.
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The Bank of England said it forecast a
shortage of around 350 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
some 525 mln stg while bankers' balnces below target will take
out around 175 mln stg.
Partly offsetting these outflows, exchequer transactions
and a fall in note circulation will add some 300 mln stg and 40
mln stg to the system respectively.
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Saudi riyal interbank deposit rates
eased across the board in a dull market which was long in
day-to-day funds, dealers said.
Today's quiet market continued a lull of several days in
which traders were said to be waiting on the sidelines ahead of
further clues to the direction of oil prices and the Saudi
economy.
Dealers cited some borrowing interest in two, three, and
six-month deposits but said activity focused on short dates and
one-month deposits as banks tried to lend surplus funds.
Spot-next was put at 5-3/4, 5-1/4 pct, down from six, 5-1/2
yesterday while one-week rates were steady at six, 5-1/2 pct.
One-month deposits declined to 6-1/4, 1/8 pct from 6-1/2,
1/4 on Monday, while three months was barely changed at seven,
6-15/16 pct.
The spot riyal was little changed at 3.7501/03 to the
dollar after quotes of 3.7498/7501 yesterday.
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Mexican state oil firm Petroleos Mexicanos
(Pemex) signed for a 500 mln dlruntied loan from the
Export-Import Bank of Japan to finance its Pacific Petroleum
Project, Pemex Japan representative Tito Ayal said.
No further details on the loan were immediately available.
Ayala told an oil seminar the project, due for completion
in 1988, is aimed at improving distribution of oil products in
the domestic market, mainly along the Pacific coast.
The project consists of a pipeline linking Nueva Teapa on
the Gulf of Mexico with Salina Cruz on the Pacific Coast, and
construction of the second phase of the Salina Cruz refinery.
The project also includes construction of liquified
petroleum gas (LPG) storage tanks at Santa Cruz, additional
crude oil storage at both ends of the pipeline, an ammonia
complex at Lazaro Cardenas on the Pacific Coast and expansion
of the infrastructure of the port of Salina Cruz, Ayala said.
Pemex will buy 80 mln dlrs worth of foreign equipment and
materials for the project, he said. The new pipeline will
enable Japan to load Mexico's Maya crude oil at Salina Cruz
rather than in the Gulf of Mexico. Pemex will also have some
LPG surplus available in Salina Cruz that may help Japan
diversify its supply sources of that product, he added.
REUTER
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Shr profit 15.9p vs 2.25p loss
Div 3p making 4.5p vs nil
Turnover 1.93 billion stg vs 1.99 billion
Pretax profit 134.2 mln vs 11.4 mln loss
Tax 47.2 mln vs nil
Operating profit 163.0 mln vs 92.7 mln
Interest less investment income 13.8 mln vs 37.2 mln
Exceptional debit 15.0 mln vs 66.9 mln
Minorities 0.3 mln vs 0.4 mln
Extraordinary credit 16.4 mln vs 42.0 mln debit
Operating profit includes -
International computers 90.2 mln vs 61.7 mln
Communications systems 56.1 mln vs 48.7 mln
Components and distribution 20.0 mln vs 1.5 mln
Defence 9.4 mln vs 13.1 mln
REUTER
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Comalco Ltd <CMAC.S> said its return
to profit reflected reduced costs, improved primary aluminium
prices and its withdrawal from a Japanese smelter venture.
It said the earlier reported 57.1 mln dlr profit for the
year ended December 31 against a 69.13 mln dlr loss in 1985 was
also aided by lower interest rates on U.S. Dollar debt and
greater sales of bauxite and aluminium.
Comalco said it expected to pay at least a four cents per
share final, dividend delayed until July 1 to take advantage of
proposed dividend imputation laws.
This would make five cents for the year against a first and
final of one cent in 1985.
Comalco said the aluminium industry continued to suffer
from low prices and excess capacity, though the weak Australian
dollar had helped earnings.
Withdrawal from the <Showa Aluminium Industries KK> joint
venture had been recapitalised in expansion by the <New Zealand
Aluminium Smelters Ltd> project with Japan's <Sumitomo
Aluminium Smelting Co Ltd>, permitting repayments and increases
in liquid funds totalling 165 mln dlrs, it said.
As previously reported Comalco's <Commonwealth Aluminium
Corp> unit has conditionally agreed to sell its smelter at
Goldendale, Washington, and port facilities at Portland, Oregon
to <Columbia Aluminium Corp>.
Comalco said it had made a 27.3 mln dlr extraordinary
provision for Goldendale losses and closure costs but that if
the sales agreement were completed it would reduce the
provision made in the 1986 accounts.
The other items in the total extraordinary loss of 140.5
mln dlrs were a 102.9 mln write-off of unrealised exchange
losses and 10.3 mln for an increase in future tax provision.
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CRA Ltd <CRAA.S> said it expected to
pay a final 1986 dividend of not less than 10 cents a share
after July 1, making 13 cents forthe year against 15 in 1985.
The mining and smelting group earlier reported 1986 net
earnings rose to 138.2 mln dlrs from 87.8 mln in 1985, against
analysts' forecasts yesterday of 125 mln to160 mln.
CRA said it was deferring consideration of a dividend until
later this year to provide the benefit of dividend imputation
to its shareholders. After July 1, dividends will be tax-free
to shareholders provided they come out of earnings on which the
full 49 pct company tax rate has been pid.
The company operates on a substituted tax year, not the
fiscal year ending June 30, and as a result has incurred tax at
the 49 pct rate on 1986 earnings, CRA said in a statement.
Consequently, it has funds available for distribution with
dividend imputed but is waiting to see the imputation
legislation before determining the final payout, it said.
Despite the higher net earnings, CRA said 1986 was a poor
year for the minerals industry, with the notable exception of
gold producers.
Prices for major metals expressed in real U.S. Dollars
declined to the lowest levels in about 50 years, it said.
Fluctuating exchange and interest rates added volatility
and uncertainty, while the revaluation of the yen is leading to
substantial restructuring of Japanese industry, CRA said.
World demand for metals is growing slowly. Inventories have
steadily declined, with supply and demand in better balance,
but overcapacity continues, CRA said.
Turning to contributions to its earnings, CRA said
Bougainville Copper Ltd <BUVA.S> contributed 31.3 mln dlrs
while its share of Comalco Ltd's <CMAC.S> net was 37.8 mln.
Net earnings from iron-ore operations were 111.8 mln dlrs
against 149.2 mln in 1985, it said.
Lead, zinc and silver mining and smelting operations
incurred a net loss of 66.8 mln dlrs against a 38.1 mln loss in
1985, CRA said.
Coal activities resulted in a net profit of 36.7 mln dlrs
against 34.1 mln, while salt raised its contribution to 4.7 mln
from 2.8 mln.
CRA's share of earnings from the Argyle diamond project
amounted to 12.0 mln dlrs against nine mln in 1985.
CRA said the main item in its 250.28 mln dlr extraordinary
loss was a 172.9 mln writeoff of unrealised foreign exchange
losses on borrowings as required by a new accounting standard.
Other extraordinary items were 63.3 mln dlrs provided for
closures and writedown of assets and a 14.1 mln increase in
future tax provisions, CRA said.
Cash flow continued at a high level, being 950.6 mln dlrs
before capital expenditure against 1.02 billion in 1985. The
strong cash flow, coupled with the proceeds of the 1986 rights
issue and the use of existing cash balances, enabled group debt
to be reduced by nearly 500 mln dlrs.
CRA said it held forward contracts at year-end to buy 985
mln U.S. Dlrs to hedge part of its foreign debt. This cost 47.0
mln dlrs after tax, included in the net interest cost.
REUTER
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Swiss capital exports rose to 4.64
billion francs in January after 2.54 billion in December and a
year earlier 3.64 billion, the Swiss National Bank said.
New bond issues accounted for 4.12 billion of the total
after December's 2.15 billion, and credits 525.1 mln after
389.9 mln.
In January 1985, before the National Bank ended the
distinction between notes and bonds, bond issues totalled 1.66
billion francs, notes 1.39 billion and credits 597.5 mln.
REUTER
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China called on the United States to
remove curbs on its exports, to give it favourable trading
status and ease restrictions on exports of high technology.
But the U.S. Embassy replied that Chinese figures showing
13 years of trade deficits with the U.S. Out of the last 15 are
inaccurate and said Peking itself would have to persuade
Congress to change laws which limit its exports.
The official International Business newspaper today
published China's demands in a editorial to coincide with the
visit of U.S. Secretary of State George Shultz.
"It is extremely important that the U.S. Market reduce its
restrictions on Chinese imports, provide the needed facilities
for them and businessmen from both sides help to expand Chinese
exports," the editorial said.
"The U.S. Should quickly discard its prejudice against
favourable tariff treatment for Chinese goods and admit China
into the Generalised System of Preference (GSP).
"Despite easing of curbs on U.S. Technology exports in
recent years, control of them is still extremely strict and
influences normal trade between the two countries," it added
The paper also printed an article by China's commercial
counsellor in its Washington embassy, Chen Shibiao, who said
that "all kinds of difficulties and restrictions" were preventing
bilateral trade fulfilling its full potential.
He named them as U.S. Protectionist behaviour, curbs on
technology transfer and out-of-date trade legislation.
The paper also printed a table showing that, since
bilateral trade began in 1972, China has had a deficit every
year except 1972 and 1977. It shows the 1986 and 1985 deficits
at 2.09 billion and 1.722 billion dlrs.
A U.S. Embassy official said the U.S. Did not accept
Peking's trade figures at all, mainly because they exclude
goods shipped to Hong Kong and then trans-shipped to U.S. While
U.S. Figures are based on country of origin.
He said that, if China wants to obtain GSP status, it will
have to lobby Congress itself to persaude it to amend several
laws which currently prevent Peking getting such status.
The U.S. Trade Act of 1974 says that to qualify for GSP,
China must be a member of the General Agreement of Tariffs and
Trade (GATT), for which it applied in July 1986, and "not be
dominated or controlled by international Communism."
The official said China was well aware of the laws, some
of which date to the anti-Communist early 1950's, but that
there is not sufficient political will in the U.S. To change
them.
China has been the subject of about a dozen cases
involving anti-dumping in the U.S. Within the last two years,
which the U.S. Side won, he said.
But, for the first time, China signed last week an
agreement which it itself initiated to voluntarily restrain
exports of at least two categories of steel goods, which may
lead the U.S. Side to withdraw the anti-dumping case, he added.
Another diplomat said willingness to provide such
voluntary export restraints would be an important issue in
bilateral trade issues and in Peking's application to GATT.
"China has the potential to disrupt world markets,
especially in textiles. Other GATT countries will be nervous
about China in this respect. But there is a precedent for other
centralled planned economies in GATT," the diplomat said.
Poland, Czechoslovakia, Hungary and Romania are members of
GATT but none has China's massive market potential for imports
or its vast labour pool to produce cheap exports.
In a speech today in the northeast city of Dalian, U.S.
Secretary of State George Shultz said his country welcomed
China's interest in participating in GATT.
"The process of Chinese accession will not be accomplished
overnight -- the GATT rules were not designed for a large
economy of the Chinese type," Shultz said.
"China can play an important role by actively joining GATT
discussions seeking to expand general trading opportunities and
enhance market access for exports worldwide. China can further
develop its foreign trade system so as to gain the maximum
benefit from its GATT participation," he said.
The problems facing U.S.-China trade and GATT membership
are similar -- a pricing system which many foreign businessmen
regard as arbitrary and not related to actual costs, especially
for exports, and a de facto dual currency system.
In a memorandum backing its application presented to GATT
last month, China said it was gradually reforming its economic
system and replacing mandatory instruction with "guidance
planning" and economic levers.
The diplomat said that, to join GATT, China had much to
do.
REUTER
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The Bundesbank is unlikely to change
its credit policies at its central bank council meeting on
Thursday, as exchange rates and short-term interest rates have
stabilized over the past few weeks, money market dealers said.
Attention in the money market is focused on tomorrow's
tender for a securities repurchase pact, from which funds will
be credited on Thursday, when an earlier pact expires, draining
16 billion marks from the system.
The tender was announced last Friday, because carnival
festivities closed banks in Duesseldorf yesterday, and will
close banks here this afternoon.
Because of the disruption to business from carnival,
minimum reserve figures for the start of the month are
unrealistic, making it difficult for banks to assess their
needs at the tender.
Dealers said the Bundesbank would want to inject enough
liquidity in this week's pact to keep short-term rates down.
But because of uncertainty about banks' current holdings,
the Bundesbank may well allocate less than 16 billion marks
this week, and top it up if necessary at next week's tender.
"I would not be surprised if the Bundesbank cuts the amount
a little, to say 14 or 15 billion marks," one dealer said.
"They would then stock it up at the next tender when the
need is clearer," he added.
An earlier pact expires next week, draining 8.5 billion
marks from the system. Banks also face a heavy but temporary
drain this month from a major tax deadline for customers.
Banks held 52.0 billion marks on February 27 at the
Bundesbank, averaging 51.0 billion over the whole month, just
clear of the 50.5 billion February reserve requirement.
Call money traded today at 3.85/95 pct, up from 3.80/90
yesterday.
REUTER
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Mobil Corp <MOB.N> of the U.S. Plans to
open an office in Peking to develop oil exploration
opportunities in China, the China Daily said.
It quoted Mobil president Richard Tucker, currently in
Peking, as saying he is optimistic about investment prospects
in China and that Peking will continue to encourage foreign
private businesses to invest here.
It said Mobil bought 73 mln dlrs of crude oil and oil
products from China in 1986 and sold it lubricant and
fertiliser, but gave no more details.
REUTER
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KLM Royal Dutch Airlines <KLM.A> said
it agreed to take a 15 pct stake in Air U.K. Ltd, a subsidiary
of British and Commonwealth Shipping Plc <BCOM.L>, in a
transaction worth around two mln stg.
A KLM spokesman said KLM already cooperated closely with Air
UK, which runs 111 flights a week to Amsterdam's Schipol
airport from nine UK cities.
British and Commonwealth Shipping said last week it held
preliminary talks about a KLM minority stake in Air U.K. But
gave no further details. KLM said it hoped the move would
attract more British feeder traffic to Amsterdam Airport.
REUTER
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ZIMBABWE MAIZE HARVEST LOWER AFTER BUMPER CROPS HARARE, March 3
- Zimbabwe's maize crop in 1986/87 (April/ March) is likely to
be slightly over 1.6 mln tonnes, against 1.83 mln in 1985/86,
Grain Marketing Board figures show.
Maize exports for 1986/87 to January 31, 1987 totalled
315,000 tonnes, with about a further 40,000 tonnes expected to
be exported in February and March, against 285,000 tonnes in
1985/86. Domestic usage is estimated at 650,000-900,000 tonnes,
depending on how other crops are affected by current poor
rains. Last year's consumption was around 700,000 tonnes.
Zimbabwe has around two mln stonnes of surplus maize in
storage, accumulated after two years of bumper harvests.
REUTER

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Comalco Ltd said its return to profit
reflected reduced costs, improved primary aluminium prices and
its withdrawal from a Japanese smelter venture.
It said the earlier reported 57.1 mln dlr profit for the
year ended December 31 against a 69.13 mln dlr loss in 1985 was
also aided by lower interest rates on U.S. Dollar debt and
greater sales of bauxite and aluminium.
Comalco said it expected to pay at least a four cents per
share final dividend, delayed until July 1 to take advantage of
proposed dividend imputation laws.
This would make five cents for the year against a first and
final of one cent in 1985.
Comalco said the aluminium industry continues to suffer
from low prices and excess capacity, though the weak Australian
dollar had helped earnings.
Comalco's Commonwealth Aluminium Corp unit said earlier it
has conditionally agreed to sell its Goldendale smelter in
Washington, and port facilities at Portland, Oregon to Columbia
Aluminium Corp. Comalco said its extraordinary provision of
27.3 mln dlrs costs for Goldendale losses and closure may be
reduced if the sales agreement were completed.
REUTER
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Ultramar Plc <UMAR.L> said it had reached
agreement in principle to sell its wholly owned U.K. Marketing
companies to Kuwait Petroleum Corp for around 50 mln stg.
Ultramar's marketing units include <Ultramar Golden Eagle
Ltd> which in 1985 made a profit of around 1.4 mln stg before
financing and group administration charges. A small loss was
recorded for the first nine months of 1986.
The sale is due to take place on April 1 with the proceeds
intended to reduce group debt in the short term. But Ultramar
said the funds would ultimately be used for further development
of its core businesses in the U.K. And North America.
REUTER
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<Underwoods Plc> said it had not been
possible to agree terms on a bid to be made by Woolworth
Holdings Plc <WLUK.L> during talks.
The two companies had been holding exploratory discussions.
No spokesman for either company was immediately available to
say why terms could not be agreed, nor whether the possibility
of a bid was now being abandoned.
Last week, Underwoods shares rose 49p to 237p ahead of any
announcement of the talks. The announcement today brought them
back down to 214p from last night's close at 241p. Woolworth
was unchanged at 758p.
REUTER
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The Bundesbank is unlikely to change
its credit policies at its central bank council meeting on
Thursday, as exchange rates and short-term interest rates have
stabilized over the past few weeks, money market dealers said.
Attention in the money market is focused on tomorrow's
tender for a securities repurchase pact, from which funds will
be credited on Thursday, when an earlier pact expires, draining
16 billion marks from the system.
The tender was announced last Friday, because carnival
festivities closed banks in Duesseldorf yesterday, and will
close banks here this afternoon.
Because of the disruption to business from carnival,
minimum reserve figures for the start of the month are
unrealistic, making it difficult for banks to assess their
needs at the tender.
Dealers said the Bundesbank would want to inject enough
liquidity in this week's pact to keep short-term rates down.
But because of uncertainty about banks' current holdings,
the Bundesbank may well allocate less than 16 billion marks
this week, and top it up if necessary at next week's tender.
"I would not be surprised if the Bundesbank cuts the amount
a little, to say 14 or 15 billion marks," one dealer said.
"They would then stock it up at the next tender when the
need is clearer," he added.
An earlier pact expires next week, draining 8.5 billion
marks from the system. Banks also face a heavy but temporary
drain this month from a major tax deadline for customers.
Banks held 52.0 billion marks on February 27 at the
Bundesbank, averaging 51.0 billion over the whole month, just
clear of the 50.5 billion February reserve requirement.
Call money traded today at 3.85/95 pct, up from 3.80/90
yesterday.
REUTER
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The Bank of England said it revised up
its forecast of the shortage in the money market today to
around 500 mln stg from its initial estimate of 350 mln.
REUTER
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Mobil Oil Corp of U.S. Plans to open an
office in Peking to develop oil exploration opportunities in
China, the China Daily said.
It quoted Mobil president Richard Tucker, currently in
Peking, as saying he is optimistic about investment prospects
in China and that Peking will continue to encourage foreign
private businesses to invest here.
It said Mobil bought 73 mln dlrs of crude oil and oil
products from China in 1986 and sold it lubricant and
fertiliser, but gave no more details.
Reuter
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|
Opec remains within its agreed output
ceiling of 15.8 mln barrels a day, and had expected current
fluctuations in the spot market of one or two dlrs, Indonesian
Energy Minister Subroto said.
He told reporters after meeting with President Suharto that
present weakness in the spot oil market was the result of
warmer weather in the U.S. And Europe which reduced demand for
oil.
Prices had also been forced down because refineries were
using up old stock, he said.
He denied that Opec was exceeding its agreed production
ceiling. Asked what Opec's output level was now, he replied:
"Below 15.8 (mln barrels per day)." He did not elaborate.
He said there appeared to have been some attempts to
manipulate the market, but if all Opec members stick by the
cartel's December pricing agreement it would get through
present price difficulties.
He predicted that prices would recover again in the third
and fourth quarters of 1987.
He also reiterated that there was no need for an emergency
Opec meeting.
He said Opec had expected to see some fluctuations in the
spot price. "We hope the weak price will be overcome, and
predict the price will be better in the third and fourth
quarters."
Refiners, he said, appeared to have used up old stock
deliberately to cause slack demand in the market and the price
to fall. But Opec would get through this period if members
stuck together.
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The Bank of England said it provided 24
mln stg help to the money market in the morning session.
This compares with the bank's upward revised shortage
forecast of around 500 mln stg.
The central bank purchased bank bills outright comprising
two mln stg in band one at 10-7/8 pct and 22 mln stg in band
two at 10-13/16 pct.
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UNILEVER PLC AND NV 1986 4TH QTR TO DEC 31
LONDON, March 3
Unilever Plc share 49.57p vs 44.19p, making 177.55p vs
137.96p for full year.
Unilever NV share 10.69 guilders vs 11.82 guilders, making
38.22 guilders vs 36.79 guilders.
Unilever Plc final div 35.18p, making 50.17p vs 38.62p.
Unilever NV final div 10.67 guilders, making 15.33 guilders
vs 14.82 guilders.
Combined pre-tax profit 276 mln stg vs same, making 1.14
billion stg vs 953 mln.
The two companies proposed a five for one share split.
Combined fourth quarter pre-tax profit 1.10 billion
guilders vs 1.11 billion, making 3.69 billion guilders vs 3.81
billion.
Operating profit 259 mln stg vs 265 mln, making 1.12
billion stg vs 949 mln.
Tax 109 mln stg vs 105 mln, making 468 mln vs 394 mln. Tax
adjustments 19 mln stg credit vs nil, making 26 mln stg credit
vs three mln debit.
Attributable profit 185 mln stg vs 165 mln, making 664 mln
vs 516 mln.
Full year 1986 turnover 17.14 billion stg vs 16.69 billion.
REUTER

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The price of Hongkong and Shanghai
Hotels Ltd <SHLH.HK>'s stock soared on speculation of a
takeover battle between major shareholders the Kadoorie family
and the Evergo Industrial Enterprise Ltd <EVGH.HK> group, stock
brokers said.
They noted heavy buying in Hk Hotel shares after an
announcement by Evergo's <China Entertainment and Land
Investment Co Ltd> unit that it bought about 20 pct of Hk
Hotels from the firm's deputy chairman David Liang for 1.06
billion dlrs. The stock rose 12 H.K. Dlrs to 62 dlrs today.
Thomas Lau, Evergo's executive director, declined comment
on whether the group is seeking a further stake in Hk Hotels.
But he told Reuters the group will hold the 20 pct stake bought
from Liang as long term investment.
He said Evergo "was attracted by the underlying strength of
Hk Hotels."
Analysts said Evergo may be looking for a possible
redevelopment of the Peninsula Hotel, one of Asia's best known
hotels, and another site on Hong Kong island. Both are owned by
Hk Hotels.
<Lai Sun Garment Co ltd> yesterday said it acquired a 10
pct stake in Hk Hotels from Liang for 530 mln dlrs.
Lau denied any link between China Entertainment and Lai Sun
on their acquisitions of the Hk Hotels stake.
"It is purely coincidence," he said.
But analysts were not so certain, saying that the Evergo
group, which has a reputation as a corporate raider, may team
up with Lai Sun Garment for a takeover.
Lau also denied any contact with the Kadoorie family, which
analysts estimate has more than 20 pct of Hk Hotels. Michael
Kadoorie is chairman of Hk Hotels.
Lau said two representatives of Evergo will be nominated to
the Hk Hotels board.
A source close to the Kadoorie family said the family has
not considered any countermoves so far.
Analysts said it would be difficult for Evergo and the
Kadoorie family to cooperate because of different management
styles.
"Evergo may want to split up the hotel management and
property developments of Hk Hotels but that strategy may not
fit the conservative Kadoorie family," said an analyst who asked
not to be named.
Another analyst noted the price of Hk Hotels had been
distorted by the takeover talks because its net asset value is
only worth about 50 dlrs a share. The offers by Evergo and Lai
Sun were for 53 dlrs a share, though that is well below the
current trading price.
Trading was suspended today in shares of Lai Sun, Evergo,
China Entertainment and the group's associate <Chinese Estates
Ltd>.
Chinese Estates lost 25 cents to 20.15 dlrs yesterday,
China Entertainment five to 8.60 dlrs and Evergo one to 74
cents. Lai Sun gained 50 cents to 70.50 dlrs.
REUTER
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<Bryson Oil and Gas Plc> said it paid a
cash consideration of around 5.4 mln dlrs for about 8.6 pct of
<Cenergy Corp>, a U.S. Oil and gas exploration and production
company.
Bryson said its board has been considering a number of
possible investments to expand the company's interests and
believes the opportunity to acquire an investment in Cenergy
provides a suitable extension to its existing U.S. Interests.
Cenergy reported a net loss of 7.27 mln dlrs in the nine
months to September 30, 1986 while total stockholders equity on
the same date was 40.72 mln dlrs.
REUTER
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Shr 43 cts vs 30 cts
Net 10.6 mln vs 5,967,000
Revs 62.9 mln vs 41.5 mln
Avg shrs 200.7 mln vs 20.2 mln
Year
Shr 1.26 dlrs vs 85 cts
Net 30.1 mln vs 16.6 mln
Revs 210.8 mln vs 121.6 mln
Avg shrs 23.9 mln vs 19.4 mln
NOTE: Share adjusted for January 1987 two-for-one split.
Reuter
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Employers and the port union, FNV, are
to meet again this afternoon to attempt a settlement of the
six-week-old dispute in Rotterdam's general cargo sector, but
neither side is optimistic, spokesmen for both sides told
Reuters.
Little progress was made in last night's three hours of
talks, with both sides largely reiterating their positions.
"There is still a very large gap between the employers and
the FNV, and I can't say that we expect to reach any agreement.
But at least we are still talking," a union spokesman said.
Employers organization chairman, Jacques Schoufour, accused
the FNV of intransigence in refusing to alter its stance at all
over the past two months.
"The FNV is not serious about our discussions and I am
really not optimistic about it changing its point of view at
all."
"If we find this afternoon that the FNV still refuses to
accept the necessary redundancies in the general cargo sector,
then we will break off the talks and the redundancies may begin
later this month," Schoufour said.
The series of strikes, which employers say has cost them
more than seven mln guilders in lost import business in the
past six weeks, began on January 19 in protest at plans for 800
redundancies from the sector's 4,000 workforce starting with
350 this year.
Late last month Social Affairs minister Louw de Graaf said
unless the dispute was settled by yesterday he would withdraw
the sector's 10 mln guilder annual labour subsidy.
Both sides wrote to the minister yesterday setting out
their cases, but Schoufour said he did not expect to hear from
him before Wednesday at the earliest.
Reuter
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The Unilever Plc and NV <UN.A> group saw
improved performance in almost all sectors during 1986, the
Anglo-Dutch group said in its results statement.
Very good progress was made last year, while the recent
acquisition of Chesebrough-Pond's Inc <CBM.N> was a significant
addition which will greatly benefit the group in the years to
come.
Earlier, Unilever reported combined fourth quarter pre-tax
profit of 276 mln stg, level with the year earlier period,
making 1.14 billion stg compared with 953 mln for the 1986 full
year.
Unilever said it plans to change its depreciation policy to
the more conventional practice of depreciating assets
individually rather than depreciating fixed assets at average
rates. The new method is expected to lead to a reduction in the
accumulated provision for depreciation and thereby increase the
net book value of tangible asssets by about 300 mln stg as at
January 1, 1987.
Unilever Plc shares are up 25p since yesterday at 2,575p in
buoyant response to the results and share split proposal,
though 1986 profits were not ahead of market forecasts, dealers
added.
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Jan 31 end
Shr 1.40 dlrs vs 1.10 dlrs
Net 16.4 mln vs 12.9 mln
Revs 196.2 mln vs 157.5 mln
Reuter
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Greenwood Resources Inc said it has sold
its 4,300,000 common share majority holding in <New London Oil
Ltd> of London to an affiliate of <Guinness Peat Group PLC> of
London and an affiliate of <Sidro SA> of Belgium for a total of
1,700,0000 dlrs in cash.
The company said it will apply the proceeds of the sale to
support its line of credit and as part of a proposed debt
restructuring with Colorado National Bancshares <COLC> and
Greenwood shareholders.
It said it will retain a seat on the New London board.
Reuter
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H.J. Heinz <HNZ.N> chairman Tony O'Reilly
would be interested in buying Guinness PLC <GUIN.L>'s brewery
division if it were for sale, a spokesman said.
The spokesman, reacting to Irish and British press reports,
said "He continues to be interested were the group to offer the
brewery side of Guinness for sale. But he has not put together
a consortium, nor has he been buying shares."
He was quoted by the Irish magazine Business and Finance as
saying he would be interested if it came on the market and that
he had the support of two international banks if he decided
such a purchase might be worthwhile.
In the magazine article, he suggested that if brewing
profits were calculated to be in the region of 80 mln punts,
the asking price would not be higher than 800 mln punts.
"A multiple of ten times earnings would be the top whack for
the brewing division in the current Guinness situation," he
said.
"This would mean an expensive exercise, right on the edge,
but not impossible," he added.
The deal would mean buying the Dublin, London, Nigerian and
Malaysian breweries because "It could only be sold as an
integral unit if it was going to be sold at all," O'Reilly said.
Reuter
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Equatorial Communications
Co said it expects to report losses of about 57 mln dlrs for
the fourth quarter and 68 mln dlrs for the full year 1986 on
revenues of about 10 mln dlrs for the quarter and 52 mln dlrs
for the year.
Equatorial said the losses will include a charge of about
45 mln dlrs from costs associated with the restructuring of its
business, including adjustments to reflect the market value of
transponders owned and leased by Equatorial and other reserves
for inventory, receivables and excess facilities.
Equatorial said the fourth quarter operating results will
also include restructuring costs of about 5,500,000 dlrs, in
addition to the 45 mln dlr charge.
Equitorial also said that as of March One it is operating
in technical default under its lease of transponders on the
Galaxy III satellite due to its inabiliuty to maintain
agreed-upon financial ratios. It said it is in talks with the
lessors in an attempt to restructure lease obligations.
Further, Equitorial said it is in default of two other
oblitations in connection with the purchase or lease of
transponders as a result of cross-default provisions.
Equatorial said it has signed a memorandum of understanding
for Contel Corp <CTC> to purchase 10 mln dlrs of Equatorial
master earth stations, micro earth stations and associated
equipment and loan Equatorial six mln dlrs over a six-month
period for repayment starting in December 1988.
The company said Conteol, under the agreement, would assume
a portion of Equatorial's rights and obligations under the
Galaxy III transponder lease with <Burnham Leasing> on the
occurrence of certain events.
Equatorial said it would grant Contel an option to buy
about 3,600,000 common shares at 3.25 dlrs each.
Equatorial said its understandings with Contel are subject
to Equatorial's ability to restructure a significant portion of
its obligations and to obtain concessions from lenders and
lessors, in particular under its Galaxy III transponder lease.
It said it hopes to finalize a Contel agreement by April 15.
Equatorial in 1985 earned 1,807,000 dlrs after a 3,197,000
dlr gain from early debt retirement on revenues of 56.1 mln
dlrs. For the first nine months of 1986, the company lost
9,476,000 dlrs on revenues of 45.4 mln dlrs, compared with a
1,784,000 dlr profit after the early retirement gain on
revenues of 38.5 mln dlrs.
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Transamerica Corp said it will have
an after-tax gain of about 10 mln U.S. dlrs on the sale of its
Occidental Life Insurance Co of Australia Ltd affiliate to
<Pratt and Co Financial Services Pty Ltd> of Melbourne for 105
mln Australian dlrs.
The sale was announced earlier today in Australia. Proceeds
will be used to enhance the growth of North American operations
of its Transamerica Occidental Life subsidiary, the company
said.
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Shr 1.78 dlrs vs 1.64 dlrs
Net 117 mln vs 106 mln
Sales 2.02 billion vs 1.85 billion
Avg shrs 65.6 mln vs 63.9 mln
Year
Shr 3.25 dlrs vs 2.75 dlrs
Net 214 mln vs 177 mln
Sales 6.50 billion vs 5.96 billion
Avg shrs 65.6 mln vs 63.9 mln
NOTE: Share data restated to reflect two for one stock
split in May 1986
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<BP Oil Ltd>, the U.K. Marketing and
refining arm of British Petroleum Co Plc <BP.L>, raised its
pretax operating profit on a replacement cost basis to 182 mln
stg in calendar 1986, compared with 66 mln stg in 1985.
Sales and operating revenue fell to 3.1 billion stg from
4.2 billion on a replacement cost basis. Historical cost
operating profit was 61 mln stg, up from 16 mln.
BP Oil said 1985 profits had been depressed by exceptional
items. Its profit figures were stated before interest charges.
Chief executive David Kendall said improved results
mirrored benefits of a restructuring program undertaken in
recent years.
However, he warned future financial pressure on the
industry will be severe.
"The U.K. Oil marketing and refining industry will need to
invest larger sums - probably around 500 mln stg a year - for a
good many years," he said in a statement.
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The U.S. Wants Japan to eliminate import
controls on agricultural products within three years, visiting
U.S. Under-Secretary of State for Economic Affairs Allen Wallis
told Eishiro Saito, Chairman of the Federation of Economic
Organisations (Keidanren), a spokesman for Keidanren said.
The spokesman quoted Wallis as saying drastic measures
would be needed to stave off protectionist legislation by
Congress.
Wallis, who is attending a sub-cabinet-level bilateral
trade meeting, made the remark yesterday in talks with Saito.
Wallis was quoted as saying the Reagan Administration wants
Japanese cooperation so the White House can ensure any U.S.
Trade bill is a moderate one, rather than containing
retaliatory measures or antagonising any particular country.
He was also quoted as saying the U.S. Would be pleased were
Japan to halve restrictions on agricultural imports within five
years if the country cannot cope with abolition within three,
the spokesman said.
Japan currently restricts imports of 22 agricultural
products. A ban on rice imports triggered recent U.S.
Complaints about Japan's agricultural policy.
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Firstcorp Inc said it weill report
an after-tax gain of 1,827,000 dlrs or 56 cts per share primary
and 42 cts fully diluted from the proposed condemnation and
acquisition of a parking deck it operates by Wake County.
The company said if it reinvested proceeds in a similar
property within 24 months, the gain on the sale would be
deferred for tax purposes.
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Oper shr 43 cts vs 21 cts
Oper net 6,846,000 vs 3,386,000
Revs 137.1 mln vs 107.6 mln
Year
Oper shr 1.36 dlrs vs 42 cts
Oper net 21,764,000 vs 7,239,000
Revs 516.4 mln vs 454.7 mln
Note: 1986 qtr excludes extraordinary gain of 784,000 dlrs
or five cts share, versus extraordinary loss of 110,000 dlrs or
shr nil in 1985 qtr
Note continued: 1986 year excludes extraordinary gain of
14,360,000 dlrs or 94 cts share, versus extraordinary gain of
2,883,000 dlrs or 19 cts share in prior year
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The Bank of England said it had revised
its forecast of the shortage in the money market down to 450
mln stg before taking account of its morning operations. At
noon the bank had estimated the shortfall at 500 mln stg.
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Viacom International Inc said <National
Amusements Inc> has again raised the value of its offer for
Viacom's publicly held stock.
The company said the special committee of its board plans
to meet later today to consider this offer and the one
submitted March one by <MCV Holdings Inc>.
A spokeswoman was unable to say if the committee met as
planned yesterday.
Viacom said National Amusements' Arsenal Holdings Inc
subsidiary has raised the amount of cash it is offering for
each Viacom share by 75 cts to 42.75 dlrs while the value of
the fraction of a share of exchangeable Arsenal Holdings
preferred to be included was raised 25 cts to 7.75 dlrs.
National Amusements already owns 19.6 pct of Viacom's stock.
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Subsets and Splits