CPC INTERNATIONAL <CPC> COMPLETES ASIAN SALE
CPC International Inc said
it has completed previously-announced transactions involving
its grocery products businesses in four Asian countries with
Ajinomoto Co Inc <AJIN.T>, raising about 300 mln dlrs.
    It said it will receive about 40 mln dlrs more later,
mostly this month, when closings are expected in three more
countries.  Proceeds will be used mostly for debt reduction.
    CPC said Ajinomoto has purchased its equity in Knorr Foods
Co Ltd, a joint venture in Japan between the two companies,
with CPC to get fees for trademark and technology use.
    CPC said Ajinomoto is also purchasing 50 pct interests in
CPC's wholly-owned subsidiaries in Hong Kong, Malaysia, the
Philippines, Singapore, Taiwan and Thailand.
 Reuter
