( S ( NP-SBJ ( NNP First ) ( NNP Security ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP-MNR ( RB tentatively ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Deseret ) ( NNP Bancorp. ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN stock ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( RB about ) ( CD 18 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

First Security Corp. said it tentatively agreed to acquire Deseret Bancorp. for stock valued at about 18 million


( S ( NP-SBJ ( NNS Terms ) ) ( VP ( VBP call ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNP First ) ( NNP Security ) ) ( VP ( TO to ) ( VP ( VB issue ) ( NP ( NP ( NP ( QP ( RB about ) ( CD 0.55 ) ) ( NN share ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN stock ) ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( NNP Deseret ) ( NN share ) ) ( VP ( VBN held ) ) ) ) ) ( CC or ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 550,000 ) ) ( NNP First ) ( NNP Security ) ( NNS shares ) ) ) ) ) ) ) ) ) ) )

Terms call for First Security to issue about 0.55 share of its stock for each Deseret share held or a total of about 550,000 First Security shares


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( RB about ) ( CD 12.3 ) ( CD million ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) )

It has about 12.3 million shares outstanding


( S ( NP-SBJ ( NP ( NNP Deseret ) ) ( PP ( IN with ) ( NP ( NP ( QP ( RB about ) ( CD 100 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN parent ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Deseret ) ( NNP Bank ) ) ( SBAR ( WHNP-42 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( CD six ) ( NNS offices ) ( CC and ) ( NNS headquarters ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Pleasant ) ( NNP Grove ) ) ( NP ( NNP Utah ) ) ) ) ) ) ) ) ) ) ) )

Deseret with about 100 million in assets is the parent of the Deseret Bank which has six offices and headquarters at Pleasant Grove Utah


( S ( NP-SBJ ( DT The ) ( NN purchase ) ( NN price ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ equal ) ( PP ( TO to ) ( NP ( QP ( RB about ) ( CD 1.65 ) ( NNS times ) ) ( NP ( NNP Deseret ) ( VBZ 's ) ) ( ADJP ( QP ( RB roughly ) ( CD 10.7 ) ( CD million ) ) ) ( NX ( NX ( NN book ) ( NN value ) ) ( CC or ) ( NX ( NP ( NNS assets ) ) ( PP ( CC less ) ( NP ( NNS liabilities ) ) ) ) ) ) ) ) ) )

The purchase price is equal to about 1.65 times Deseret 's roughly 10.7 million book value or assets less liabilities


( S ( NP-SBJ ( NP ( ADJP ( NNP Salt ) ( NNP Lake ) ( JJ City-based ) ) ( NNP First ) ( NNP Security ) ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 5.4 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( DT the ) ( NN agreement ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( NN shareholder ) ( CC and ) ( JJ regulatory ) ( NN approval ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB complete ) ( NP ( DT the ) ( NN transaction ) ) ( NP-TMP ( RB early ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Salt Lake City-based First Security with 5.4 billion in assets said the agreement is subject to shareholder and regulatory approval and that it hopes to complete the transaction early next year


( S ( NP-SBJ-1 ( NNP Coast ) ( NNP Savings ) ( NNP Financial ) ( NNP Inc. ) ) ( VP ( VBD reported ) ( NP ( DT a ) ( JJ third-quarter ) ( NN loss ) ) ( S-ADV ( VP ( VBG citing ) ( NP ( DT a ) ( ADJP ( RB previously ) ( VBN announced ) ) ( NN capital ) ( NN restructuring ) ( NN program ) ) ) ) ) )

Coast Savings Financial Inc. reported a third-quarter loss citing a previously announced capital restructuring program


( S ( NP-SBJ ( DT The ) ( NNP Los ) ( NNP Angeles ) ( NN thrift ) ( VBG holding ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 92.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 6.98 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT the ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NN Sept. ) ( CD 30 ) ) ) ) ) ) ) ) )

The Los Angeles thrift holding company said it had a loss of 92.2 million or 6.98 a share for the quarter ended Sept. 30


( S ( NP-SBJ ( NNP Coast ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 10.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 67 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-ago ) ( NN quarter ) ) ) ) )

Coast earned 10.2 million or 67 cents a share in the year-ago quarter


( S ( NP-SBJ-1 ( DT The ) ( JJ year-ago ) ( NNS results ) ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN restated ) ( S ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( NN government ) ( NNS regulations ) ) ) ) ) ) ) ) ) )

The year-ago results have been restated to comply with government regulations


( S ( NP-SBJ-1 ( DT The ) ( NN restructuring ) ( NN program ) ) ( VP ( VBZ is ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ tangible ) ( NN capital ) ( NN ratio ) ) ) ) ) ) ) )

The restructuring program is designed to increase the company 's tangible capital ratio


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ includes ) ( S ( VP ( VP ( VBG removing ) ( NP ( NP ( QP ( CD 242 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ good ) ( NN will ) ) ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNS books ) ) ) ) ( VP ( VBG issuing ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ preferred ) ( NN stock ) ) ) ) ) ( CC and ) ( VP ( VBG commencing ) ( NP ( NP ( DT an ) ( NN exchange ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NP ( QP ( CD 52 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ convertible ) ( NNS bonds ) ) ) ) ) ) ) ) ) ) )

It includes removing 242 million in good will from the books issuing 150 million in preferred stock and commencing an exchange offer for 52 million in convertible bonds


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VP ( VBN charged ) ( NP ( QP ( RB about ) ( CD 46 ) ( CD million ) ) ) ( PP-CLR ( IN against ) ( NP ( NNS earnings ) ) ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG reducing ) ( NP ( NN goodwill ) ) ) ) ) ) ( VP ( VBD added ) ( NP ( QP ( CD 20 ) ( CD million ) ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( JJ general ) ( NN loan ) ( NN loss ) ( NNS reserves ) ) ) ) ( CC and ) ( VP ( VBD established ) ( NP ( DT a ) ( ADJP ( QP ( CD 30 ) ( CD million ) ) ) ( NN reserve ) ) ( PP-CLR ( IN for ) ( NP ( PRP$ its ) ( JJ high-yield ) ( NN bond ) ( NN portfolio ) ) ) ) ) )

During the third quarter the company charged about 46 million against earnings in reducing goodwill added 20 million to its general loan loss reserves and established a 30 million reserve for its high-yield bond portfolio


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( JJ junk-bond ) ( NN portfolio ) ) ( PP-TMP ( IN after ) ( NP ( DT these ) ( NNS moves ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN reduced ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( JJR less ) ( IN than ) ( CD 1 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ) ) ) ) ) )

The company said its junk-bond portfolio after these moves had been reduced to less than 1 % of assets


( S ( NP-SBJ ( NNP Sea ) ( NNP Containers ) ( NNP Ltd. ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ long-awaited ) ( NN move ) ( S ( VP ( TO to ) ( VP ( VB repel ) ( NP ( DT a ) ( JJ hostile ) ( NN takeover ) ( NN bid ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VP ( VB sell ) ( NP ( NP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ( CC and ) ( VP ( VB use ) ( NP-1 ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS proceeds ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( QP ( RB about ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ common ) ( NNS shares ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 70 ) ) ( ADVP ( RB apiece ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sea Containers Ltd. in a long-awaited move to repel a hostile takeover bid said it will sell 1.1 billion of assets and use some of the proceeds to buy about 50 % of its common shares for 70 apiece


( S ( PP ( ADVP ( RB Together ) ) ( IN with ) ( NP ( NP ( DT the ) ( QP ( CD 3.6 ) ( CD million ) ) ( NNS shares ) ) ( RRC ( ADVP-TMP ( RB currently ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NN management ) ( NNS subsidiaries ) ( CC and ) ( NNS directors ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( VBN completed ) ( NN tender ) ( NN offer ) ) ( VP ( MD would ) ( VP ( VB give ) ( NP ( NNP Sea ) ( NNP Containers ) ) ( NP ( DT a ) ( VBG controlling ) ( NN stake ) ) ) ) )

Together with the 3.6 million shares currently controlled by management subsidiaries and directors the completed tender offer would give Sea Containers a controlling stake


( S ( S ( VP ( VBG Describing ) ( NP ( PRP itself ) ) ( PP-CLR ( IN as ) ( ADJP ( NN asset ) ( JJ rich ) ) ) ) ) ( NP-SBJ-1 ( NNP Sea ) ( NNP Containers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( MD will ) ( VP ( VB move ) ( ADVP-TMP ( RB immediately ) ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( CD two ) ( NNS ports ) ) ( NP ( JJ various ) ( NNS ferries ) ) ( NP ( NN ferry ) ( NNS services ) ) ( NP ( NNS containers ) ) ( CC and ) ( NP ( JJ other ) ( NNS investments ) ) ) ) ) ) ) ) ) ) ) )

Describing itself as asset rich Sea Containers said it will move immediately to sell two ports various ferries ferry services containers and other investments


( S ( PP-TPC-3 ( IN Of ) ( NP ( DT the ) ( NNS proceeds ) ) ) ( NP-SBJ-1 ( NP ( QP ( CD 500 ) ( CD million ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB fund ) ( NP ( PRP$ its ) ( NN tender ) ( NN offer ) ) ) ) ) ) ) ) )

Of the proceeds 500 million will be used to fund its tender offer


( S ( NP-SBJ ( NNP Sea ) ( NNP Containers ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN recapitalization ) ( NN plan ) ) ( VP ( MD will ) ( VP ( VB reduce ) ( NP ( PRP$ its ) ( NN debt ) ) ( PP-EXT ( IN by ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 500 ) ( CD million ) ) ) ) ) ) ) ) ) )

Sea Containers added that the recapitalization plan will reduce its debt by more than 500 million


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( SBAR ( WHNP-27 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( QP ( CD 13.8 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ( VP ( VBD said ) ( PP-TMP ( IN in ) ( NP ( NNP mid-June ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( NN restructuring ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ward ) ( PRT ( RP off ) ) ( NP ( NP ( DT a ) ( NN hostile ) ( NN takeover ) ( NN attempt ) ) ( PP ( IN by ) ( NP-LGS ( CD two ) ( JJ European ) ( NN shipping ) ( NNS concerns ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company which has 13.8 million common shares outstanding said in mid-June that it was considering a restructuring to ward off a hostile takeover attempt by two European shipping concerns


( S ( PP-TMP ( IN In ) ( NP ( JJ late ) ( NNP May ) ) ) ( NP-SBJ ( NP ( NNP Stena ) ( NNP Holding ) ( NNP AG ) ) ( CC and ) ( NP ( NNP Tiphook ) ( NNP PLC ) ) ) ( VP ( VBD launched ) ( NP ( NP ( DT a ) ( ADJP ( ADJP ( JJ 50-a-share ) ) ( CC or ) ( ADJP ( CD 777 ) ( CD million ) ) ) ( NN tender ) ( NN offer ) ) ( PP ( IN for ) ( NP ( DT the ) ( ADJP ( NNP Hamilton ) ( JJ Bermuda-based ) ) ( NNP Sea ) ( NNP Containers ) ) ) ) ) )

In late May Stena Holding AG and Tiphook PLC launched a 50-a-share or 777 million tender offer for the Hamilton Bermuda-based Sea Containers


( S ( PP-TMP ( IN In ) ( NP ( NNP mid-August ) ) ) ( NP-SBJ ( DT the ) ( NNS companies ) ) ( PP ( IN through ) ( NP ( NP ( PRP$ their ) ( ADJP ( RB jointly ) ( VBN owned ) ) ( VBG holding ) ( NN company ) ) ( NP ( NNP Temple ) ( NNP Holdings ) ( NNP Ltd. ) ) ) ) ( VP ( VBD sweetened ) ( NP ( DT the ) ( NN offer ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( CD 63 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( CD 963 ) ( CD million ) ) ) ) ) ) )

In mid-August the companies through their jointly owned holding company Temple Holdings Ltd. sweetened the offer to 63 a share or 963 million


( S ( NP-SBJ-1 ( NP ( NNP Officials ) ) ( PP ( IN for ) ( NP ( NNP Temple ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Officials for Temple declined to comment


( S ( NP-SBJ ( NP ( NN News ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN restructuring ) ( NN plan ) ) ) ) ( VP ( VBD sent ) ( NP ( NP ( NNP Sea ) ( NNP Containers ) ( POS ' ) ) ( NNS shares ) ) ( ADVP-EXT ( IN up ) ( NP-ADV ( CD 1 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 62 ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) )

News of the restructuring plan sent Sea Containers ' shares up 1 to 62 in New York Stock Exchange composite trading


( S ( NP-SBJ ( NP ( NNP Walter ) ( NNP Kirchberger ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP PaineWebber ) ( NNP Inc. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG offering ) ( NP ( NNS holders ) ) ( NP ( DT a ) ( JJR higher ) ( ADJP ( JJ 70-a-share ) ) ( NN price ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB fairly ) ( JJ effective ) ) ( NN method ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG blocking ) ( NP ( DT the ) ( NNP Stena-Tiphook ) ( NN bid ) ) ) ) ) ) ) ) ) ) )

Walter Kirchberger an analyst with PaineWebber Inc. said that offering holders a higher 70-a-share price is a fairly effective method of blocking the Stena-Tiphook bid


( S ( NP-SBJ ( NP ( NNP Michael ) ( NNP Carstens ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NP ( NNP Tucker ) ( NNP Anthony ) ) ( CC & ) ( NP ( NNP R.L. ) ( NNP Day ) ) ) ) ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNP Sea ) ( NNP Containers ) ) ( VP ( TO to ) ( VP ( VB focus ) ( PP-LOC-CLR ( IN on ) ( NP ( PRP$ its ) ( JJ core ) ( NN container ) ( NNS businesses ) ) ) ) ) ) ) ) ) ) ) )

Michael Carstens an analyst with Tucker Anthony & R.L. Day added that the sale of assets would allow Sea Containers to focus on its core container businesses


( S ( PP ( IN For ) ( NP ( NP ( NNS holders ) ) ( SBAR ( WHNP-28 ( WP who ) ) ( S ( VP ( VBP decide ) ( S ( RB not ) ( VP ( TO to ) ( VP ( VB tender ) ( NP ( PRP$ their ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Sea ) ( NNP Containers ) ) ( VP ( MD will ) ( VP ( VB issue ) ( NP ( NP ( NP ( CD one ) ( NN share ) ) ( PP ( IN of ) ( NP ( NP ( JJ preferred ) ( NN stock ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ stated ) ( NN value ) ) ( PP ( IN of ) ( NP ( CD 25 ) ) ) ) ) ) ) ) ( CC plus ) ( NP ( NP ( DT a ) ( NN cash ) ( NN dividend ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ common ) ( NN stock ) ) ) ) ) ) ) )

For holders who decide not to tender their shares Sea Containers will issue one share of preferred stock with a stated value of 25 plus a cash dividend on the common stock


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ-1 ( PRP$ its ) ( NNS directors ) ( NN management ) ( CC and ) ( NNS subsidiaries ) ) ( VP ( MD will ) ( VP ( VB remain ) ( NP-PRD ( JJ long-term ) ( NNS investors ) ) ) ) ) ( CC and ) ( S ( VP ( MD wo ) ( RB n't ) ( VP ( VB tender ) ( NP ( NP ( DT any ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS shares ) ) ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ) ) ) ) )

The company said its directors management and subsidiaries will remain long-term investors and wo n't tender any of their shares under the offer


( S ( NP-SBJ ( NNP Sea ) ( NNP Containers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN offer ) ) ( VP ( MD will ) ( VP ( VB proceed ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NNP Bermuda ) ( NNP Supreme ) ( NNP Court ) ) ( VP ( VBZ lifts ) ( CC or ) ( VBZ modifies ) ( NP ( NP ( DT an ) ( JJ interim ) ( NN injunction ) ) ( VP ( VBG restraining ) ( NP-1 ( DT the ) ( NN company ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG buying ) ( NP ( PRP$ its ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sea Containers said the offer will proceed after the Bermuda Supreme Court lifts or modifies an interim injunction restraining the company from buying its shares


( S ( NP-SBJ ( DT That ) ( NN injunction ) ) ( VP ( VBD resulted ) ( PP-CLR ( IN from ) ( NP ( NP ( NN litigation ) ) ( PP ( IN between ) ( NP ( NP ( NNP Temple ) ) ( CC and ) ( NP ( NNP Sea ) ( NNP Containers ) ) ) ) ( NP-TMP ( JJ last ) ( NNP May ) ) ) ) ) )

That injunction resulted from litigation between Temple and Sea Containers last May


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN court ) ) ( VP ( VBZ has ) ( VP ( VBN indicated ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB make ) ( NP ( DT a ) ( NN decision ) ) ( PP-TMP ( IN on ) ( CC or ) ( IN about ) ( NP ( NNP Nov. ) ( CD 27 ) ) ) ) ) ) ) ) ) ) ) ) )

The company said the court has indicated it will make a decision on or about Nov. 27


( S ( NP-SBJ ( NNP Sea ) ( NNP Containers ) ) ( VP ( MD will ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB set ) ( NP ( NP ( DT a ) ( NN date ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ annual ) ( NN shareholder ) ( NN meeting ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( NN holder ) ( NN approval ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ) ) )

Sea Containers will soon set a date for its annual shareholder meeting to seek holder approval for the offer


( S ( NP-SBJ-1 ( NNP General ) ( NNP Dynamics ) ( NNP Corp. ) ) ( VP ( VBD was ) ( VP ( VBN given ) ( NP ( NP ( DT an ) ( ADJP ( CD 843 ) ( CD million ) ) ( NNP Air ) ( NNP Force ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NP ( NNP F-16 ) ( NNS aircraft ) ) ( CC and ) ( NP ( JJ related ) ( NN equipment ) ) ) ) ) ) ) )

General Dynamics Corp. was given an 843 million Air Force contract for F-16 aircraft and related equipment


( S ( NP-SBJ ( NP ( NNP Loral ) ( NNP Corp. ) ( POS 's ) ) ( NN defense ) ( NNS systems ) ( NN division ) ) ( VP ( VBD received ) ( NP ( NP ( DT a ) ( ADJP ( CD 54.9 ) ( CD million ) ) ( NNP Air ) ( NNP Force ) ( NN contract ) ) ( PP ( IN for ) ( NP ( DT a ) ( NNP F-15 ) ( NNS weapons ) ( NN system ) ( NN trainer ) ) ) ) ) )

Loral Corp. 's defense systems division received a 54.9 million Air Force contract for a F-15 weapons system trainer


( S ( NP-SBJ ( NNP Southern ) ( NNP Air ) ( NNP Transport ) ( NNP Inc. ) ) ( VP ( VBD won ) ( NP ( NP ( QP ( CD 47.5 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNP Air ) ( NNP Force ) ( CC and ) ( NNP Navy ) ( NNS contracts ) ) ( PP ( IN for ) ( NP ( NN transportation ) ( NNS services ) ) ) ) ) ) ) )

Southern Air Transport Inc. won 47.5 million in Air Force and Navy contracts for transportation services


( S ( NP-SBJ-1 ( NNP International ) ( NNP Business ) ( NNPS Machines ) ( NNP Corp. ) ) ( VP ( VBD was ) ( VP ( VBN given ) ( NP ( NP ( DT a ) ( ADJP ( CD 31.2 ) ( CD million ) ) ( NNP Air ) ( NNP Force ) ( NN contract ) ) ( PP ( IN for ) ( NP ( JJ satellite ) ( NNS data ) ( NNS systems ) ( NN equipment ) ) ) ) ) ) )

International Business Machines Corp. was given a 31.2 million Air Force contract for satellite data systems equipment


( S ( NP-SBJ ( NNP Directed ) ( NNPS Technologies ) ) ( VP ( VBD received ) ( NP ( NP ( DT a ) ( ADJP ( CD 28.3 ) ( CD million ) ) ( NNP Defense ) ( NNP Advanced ) ( NNP Research ) ( NNPS Projects ) ( NNP Agency ) ( NN contract ) ) ( PP ( IN for ) ( NP ( JJ advanced ) ( NN propulsion ) ( NNS systems ) ( NN research ) ) ) ) ) )

Directed Technologies received a 28.3 million Defense Advanced Research Projects Agency contract for advanced propulsion systems research


( S ( NP-SBJ ( NNP Propper ) ( NNP International ) ( NNP Inc. ) ) ( VP ( VBD got ) ( NP ( NP ( DT a ) ( ADJP ( CD 22.8 ) ( CD million ) ) ( NNP Defense ) ( NNP Logistics ) ( NNP Agency ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NN combat ) ( NN camouflage ) ( NNS trousers ) ) ) ) ) )

Propper International Inc. got a 22.8 million Defense Logistics Agency contract for combat camouflage trousers


( S ( NP-SBJ-1 ( NP ( NP ( NNP Georgia-Pacific ) ( NNP Corp. ) ( POS 's ) ) ( JJ unsolicited ) ( ADJP ( QP ( CD 3.19 ) ( CD billion ) ) ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NNP Great ) ( NNP Northern ) ( NNP Nekoosa ) ( NNP Corp. ) ) ) ) ( VP ( VBD was ) ( VP ( VBN hailed ) ( PP ( IN by ) ( NP-LGS ( NNP Wall ) ( NNP Street ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( JJ cool ) ( NN reception ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN target ) ( NN company ) ) ) ) ) ) ) )

Georgia-Pacific Corp. 's unsolicited 3.19 billion bid for Great Northern Nekoosa Corp. was hailed by Wall Street despite a cool reception by the target company


( S ( NP-SBJ ( NP ( NNP William ) ( NNP R. ) ( NNP Laidig ) ) ( NP ( NP ( NNP Nekoosa ) ( POS 's ) ) ( NX ( NX ( NN chairman ) ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ( CC and ) ( NX ( NN president ) ) ) ) ) ( VP ( VP ( VBD characterized ) ( NP ( DT the ) ( ADJP ( JJ 58-a-share ) ) ( NN bid ) ) ( PP-CLR ( IN as ) ( ADJP ( JJ uninvited ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Nekoosa ) ( POS 's ) ) ( NN board ) ) ( VP ( MD would ) ( VP ( VB consider ) ( NP ( DT the ) ( NN offer ) ) ( PP ( IN in ) ( NP ( JJ due ) ( NN course ) ) ) ) ) ) ) ) ) )

William R. Laidig Nekoosa 's chairman chief executive officer and president characterized the 58-a-share bid as uninvited and said Nekoosa 's board would consider the offer in due course


( S ( NP-SBJ ( NP ( NNP T. ) ( NNP Marshall ) ( NNP Hahn ) ( NNP Jr. ) ) ( NP ( NP ( NNP Georgia-Pacific ) ( POS 's ) ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( NN executive ) ) ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT an ) ( NN interview ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT all ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offer ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ negotiable ) ) ) ) ) ) )

T. Marshall Hahn Jr. Georgia-Pacific 's chairman and chief executive said in an interview that all terms of the offer are negotiable


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN spoken ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Mr. ) ( NNP Laidig ) ) ( SBAR ( WHNP-1 ( WP whom ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD referred ) ( PP-CLR ( TO to ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN friend ) ) ) ) ) ) ) ) ( PP-MNR ( IN by ) ( NP ( NN telephone ) ) ) ( NP-TMP ( NNP Monday ) ( NN evening ) ) ) ) ) ) ) )

He added that he had spoken with Mr. Laidig whom he referred to as a friend by telephone Monday evening


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( JJ hopeful ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( VP ( VB have ) ( NP ( JJ further ) ( NNS discussions ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hahn ) ) ( VP ( VBD said ) ) )

I 'm hopeful that we 'll have further discussions Mr. Hahn said


( S ( PP-LOC ( IN On ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ( NP-SBJ-1 ( NN takeover ) ( NN stock ) ( NNS traders ) ) ( VP ( VBD bid ) ( NP ( NP ( NNP Nekoosa ) ( POS 's ) ) ( NN stock ) ) ( PP-LOC-CLR ( ADVP ( RB well ) ) ( IN above ) ( NP ( DT the ) ( NNP Georgia-Pacific ) ( NN bid ) ) ) ( S-ADV ( VP ( VBG assuming ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Nekoosa ) ( POS 's ) ) ( VP ( MD will ) ( VP ( CC either ) ( VB be ) ( VP ( VBN sold ) ( PP-DTV ( PP ( TO to ) ( NP ( DT a ) ( JJ rival ) ( NN bidder ) ) ) ( CC or ) ( PP ( TO to ) ( NP ( NNP Georgia-Pacific ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( JJR higher ) ( NN price ) ) ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 75 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT some ) ( NNS estimates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

On Wall Street takeover stock traders bid Nekoosa 's stock well above the Georgia-Pacific bid assuming that Nekoosa 's will either be sold to a rival bidder or to Georgia-Pacific at a higher price as much as 75 a share according to some estimates


( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NNP Nekoosa ) ( JJ common ) ) ( VP ( VBD closed ) ( PP-LOC ( IN in ) ( NP ( JJ composite ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 62.875 ) ) ) ( ADVP ( RB up ) ( NP-ADV ( CD 20.125 ) ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( RB almost ) ( CD 6.3 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) )

Yesterday Nekoosa common closed in composite New York Stock Exchange trading at 62.875 up 20.125 on volume of almost 6.3 million shares


( S ( NP-SBJ ( NNP Georgia-Pacific ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP-ADV ( CD 2.50 ) ) ) ( PP ( IN at ) ( NP ( CD 50.875 ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Big ) ( NNP Board ) ( NN trading ) ) ) ) )

Georgia-Pacific closed down 2.50 at 50.875 in Big Board trading


( S ( NP-SBJ ( NN Takeover ) ( NN stock ) ( NNS traders ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( SBAR ( IN with ) ( S ( NP-SBJ ( DT the ) ( NN junk-bond ) ( NN market ) ) ( PP-PRD ( IN in ) ( NP ( NN disarray ) ) ) ) ) ( NP-SBJ ( NP ( NNP Georgia-Pacific ) ( POS 's ) ) ( NN bid ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( NN indication ) ) ( PP ( IN of ) ( SBAR-NOM ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN takeover ) ( NN game ) ) ( VP ( VBZ is ) ( VP ( VBN headed ) ( ADVP ( ADVP ( RB namely ) ) ( S ( S ( NP-SBJ-2 ( JJ industrial ) ( NNS companies ) ) ( VP ( MD can ) ( VP ( VB continue ) ( S ( VP ( NN bidding ) ( PP-CLR ( IN for ) ( NP ( CD one ) ( DT another ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( JJ financial ) ( NNS buyers ) ) ( PP ( JJ such ) ( IN as ) ( NP ( JJ leveraged ) ( NN buy-out ) ( NNS firms ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-PRD ( IN at ) ( NP ( DT a ) ( NN disadvantage ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG obtaining ) ( NP ( NN financing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Takeover stock traders noted that with the junk-bond market in disarray Georgia-Pacific 's bid is an indication of where the takeover game is headed namely industrial companies can continue bidding for one another but financial buyers such as leveraged buy-out firms will be at a disadvantage in obtaining financing


( SINV ( S-TPC-1 ( FRAG ( NP ( NP ( DT The ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN world ) ) ( VP ( VBZ is ) ( VP ( VBG shaping ) ( PRT ( RP up ) ) ) ) ) ) ) ) ( S ( NP-SBJ-3 ( DT the ) ( JJ strategic ) ( NN buyer ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( NN rule ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-4 ( DT the ) ( JJ financial ) ( NN buyer ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT the ) ( NN exception ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( CD one ) ( NN trader ) ) )

The way the world is shaping up the strategic buyer is going to be the rule and the financial buyer is going to be the exception said one trader


( S ( PP ( IN For ) ( NP ( DT the ) ( NN paper ) ( NN industry ) ) ) ( ADVP ( RB specifically ) ) ( NP-SBJ ( JJS most ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN deal ) ) ( VP ( MD will ) ( VP ( VB spur ) ( NP ( NP ( DT a ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NP ( NN paper-company ) ( NNS takeovers ) ) ( VP ( ADVP ( RB possibly ) ) ( VBG involving ) ( NP ( NP ( JJ such ) ( NNS companies ) ) ( PP ( IN as ) ( NP ( NP ( NNP Union ) ( NNP Camp ) ( NNP Corp. ) ) ( NP ( NNP Federal ) ( NNP Paperboard ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Mead ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For the paper industry specifically most analysts said the deal will spur a wave of paper-company takeovers possibly involving such companies as Union Camp Corp. Federal Paperboard Co. and Mead Corp


( S ( NP-SBJ ( DT The ) ( NNS analysts ) ) ( VP ( VBD argued ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Georgia-Pacific ) ( POS 's ) ) ( NN offer ) ) ( NP ( NP ( DT the ) ( JJ first ) ( NN hostile ) ( NN bid ) ) ( ADVP ( RB ever ) ) ( PP-LOC ( IN among ) ( NP ( NP ( JJ major ) ( NNS players ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN paper ) ( NN industry ) ) ) ) ) ) ) ( VP ( VP ( VBZ ends ) ( NP-LOC ( NP ( DT the ) ( JJ unwritten ) ( NN taboo ) ) ( PP ( IN on ) ( NP ( JJ hostile ) ( NNS bids ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB push ) ( S ( NP-SBJ ( NNS managements ) ) ( VP ( TO to ) ( VP ( VB look ) ( ADVP-MNR ( RB closely ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN industry ) ( POS 's ) ) ( JJ several ) ( JJ attractive ) ( NN takeover ) ( NNS candidates ) ) ) ) ) ) ) ) ) ) ) ) )

The analysts argued that Georgia-Pacific 's offer the first hostile bid ever among major players in the paper industry ends the unwritten taboo on hostile bids and will push managements to look closely at the industry 's several attractive takeover candidates


( S ( NP-SBJ ( NN Consolidation ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP-TMP ( RB long ) ) ( ADJP-PRD ( JJ overdue ) ) ) ) )

Consolidation has been long overdue


( S-CLF ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( ADVP ( RB just ) ) ( NP-PRD ( NP ( DT the ) ( NN culture ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN industry ) ) ) ) ( SBAR ( WHNP-43 ( WDT that ) ) ( S ( VP ( VBD kept ) ( NP-1 ( PRP it ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG happening ) ) ) ) ) ) ) ) )

It was just the culture of the industry that kept it from happening


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP Georgia-Pacific ) ( NN offer ) ) ( VP ( VBZ has ) ( ADVP ( RB definitely ) ) ( VP ( VBN changed ) ( NP ( DT the ) ( NN landscape ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Gary ) ( NNP Palmero ) ) ( PP ( IN of ) ( NP ( NNP Oppenheimer ) ( CC & ) ( NNP Co ) ) ) ) )

The Georgia-Pacific offer has definitely changed the landscape said Gary Palmero of Oppenheimer & Co


( SINV ( VP ( VBD Added ) ) ( NP-SBJ ( NP ( NNP Mark ) ( NNP Rogers ) ) ( PP ( IN of ) ( NP ( NNP Prudential-Bache ) ( NNPS Securities ) ( NNP Inc. ) ) ) ) ( S-1 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB much ) ( JJR easier ) ) ( S-2 ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ second ) ) ) ) ) ) ) )

Added Mark Rogers of Prudential-Bache Securities Inc. It 's much easier to be second


( S ( NP-SBJ ( NP ( DT A ) ( NNP Georgia-Pacific ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP Nekoosa ) ) ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( DT the ) ( JJS largest ) ( NNP U.S. ) ( JJ forest-products ) ( NN company ) ) ) ) )

A Georgia-Pacific acquisition of Nekoosa would create the largest U.S. forest-products company


( S ( PP ( VBN Based ) ( PP-CLR ( IN on ) ( NP ( CD 1988 ) ( NNS sales ) ) ) ) ( NP-SBJ ( NP ( NNP Georgia-Pacific ) ) ) ( VP ( VBD ranked ) ( ADVP ( JJ third ) ) ( PP-CLR-1 ( IN at ) ( NP ( QP ( CD 9.51 ) ( CD billion ) ) ) ) ( PP-LOC ( IN behind ) ( NP ( NP ( NP ( NNP Weyerhaeuser ) ( NNP Co. ) ) ( PP-LOC ( IN at ) ( NP ( QP ( CD 10 ) ( CD billion ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP International ) ( NNP Paper ) ( NNP Co. ) ) ( PP-LOC ( IN at ) ( NP ( QP ( CD 9.53 ) ( CD billion ) ) ) ) ) ) ) ) )

Based on 1988 sales Georgia-Pacific ranked third at 9.51 billion behind Weyerhaeuser Co. at 10 billion and International Paper Co. at 9.53 billion


( S ( NP-SBJ ( NP ( NNP Nekoosa ) ) ) ( VP ( VBD ranked ) ( ADVP ( JJ 11th ) ) ( PP-1 ( IN with ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 3.59 ) ( CD billion ) ) ) ) ) ) ) )

Nekoosa ranked 11th with sales of 3.59 billion


( S ( NP-SBJ ( DT The ) ( VBN combined ) ( NN company ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN had ) ( NP ( NP ( CD 1988 ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 13.1 ) ( CD billion ) ) ) ) ) ) ) ) )

The combined company would have had 1988 sales of 13.1 billion


( S ( CC But ) ( NP-SBJ ( PDT such ) ( DT a ) ( NN combination ) ) ( ADVP ( RB also ) ) ( VP ( VBZ presents ) ( NP ( JJ great ) ( NNS risks ) ) ) )

But such a combination also presents great risks


( S ( PP-TMP ( IN At ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( JJS most ) ( NX ( NX ( NNS analysts ) ) ( CC and ) ( NX ( NN industry ) ( NNS consultants ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NN pulp ) ( CC and ) ( NN paper ) ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBG heading ) ( PP-DIR ( IN for ) ( NP ( DT a ) ( NN dive ) ) ) ) ) ) ) ) ) ) ) ) ( S-NOM-SBJ ( VP ( VBG adding ) ( NP ( NN capacity ) ( CC and ) ( NN debt ) ) ) ) ( VP ( MD could ) ( VP ( VB squeeze ) ( NP ( NNP Georgia-Pacific ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( VBZ declines ) ( NP ( NP ( RBR more ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ expects ) ) ) ) ) ) ) ) ) ) )

At a time when most analysts and industry consultants say pulp and paper prices are heading for a dive adding capacity and debt could squeeze Georgia-Pacific if the industry declines more than the company expects


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NP ( DT any ) ( JJ unexpected ) ( NN strengthening ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN dollar ) ) ) ) ( VP ( MD would ) ( VP ( VB hurt ) ( NP ( NNP Georgia-Pacific ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( NP ( NP ( CD two ) ) ( PP ( IN of ) ( NP ( NP ( NN Nekoosa ) ( POS 's ) ) ( JJ major ) ( NN product ) ( NNS lines ) ) ) ) ( NP ( NP ( NP ( NN containerboard ) ) ( SBAR ( WHNP-44 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB make ) ( NP ( NN shipping ) ( NNS boxes ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NN market ) ( NN pulp ) ) ) ) ( VP ( VBP are ) ( VP ( VBN exported ) ( PP-MNR ( IN in ) ( NP ( JJ large ) ( NNS quantities ) ) ) ) ) ) ) ) ) )

Moreover any unexpected strengthening of the dollar would hurt Georgia-Pacific because two of Nekoosa 's major product lines containerboard which is used to make shipping boxes and market pulp are exported in large quantities


( SINV ( S-TPC-3 ( NP-SBJ ( NN Nobody ) ) ( VP ( VBZ knows ) ( SBAR ( WHADJP-1 ( WRB how ) ( JJ deep ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN cycle ) ) ( VP ( VBZ is ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB be ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Rod ) ( NNP Young ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Resource ) ( NNP Information ) ( NNP Systems ) ( NNP Inc. ) ) ( NP ( DT a ) ( NAC-LOC ( NNP Bedford ) ( NNP Mass. ) ) ( JJ economic-forecasting ) ( NN firm ) ) ) ) ) ) )

Nobody knows how deep the cycle is going to be said Rod Young vice president of Resource Information Systems Inc. a Bedford Mass. economic-forecasting firm


( S ( PP ( VBG Depending ) ( PP ( IN on ) ( SBAR ( WHADVP-1 ( WRB how ) ( RB far ) ( RB down ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP go ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ difficult ) ) ( S-2 ( VP ( TO to ) ( VP ( VB pay ) ( PRT ( RP off ) ) ( NP ( DT that ) ( NN debt ) ) ) ) ) ) ) )

Depending on how far down you go it may be difficult to pay off that debt


( S ( NP-SBJ ( NP ( CD One ) ( NN person ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NNP Georgia-Pacific ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN acquisition ) ) ( VP ( MD would ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VB double ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN debt ) ) ( PP ( IN of ) ( NP ( QP ( RB almost ) ( CD 3 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

One person familiar with Georgia-Pacific said the acquisition would more than double the company 's debt of almost 3 billion


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN drag ) ) ( PP-LOC ( IN on ) ( NP ( NNP Georgia-Pacific ) ( NNS earnings ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( NP ( NP ( DT the ) ( QP ( RB roughly ) ( CD 1.5 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN goodwill ) ) ) ) ( PRN ( NP ( NP ( DT the ) ( NN amount ) ) ( SBAR ( WHPP-1 ( IN by ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NN bid ) ) ( VP ( VBZ exceeds ) ( NP ( NP ( NP ( NNP Nekoosa ) ( POS 's ) ) ( NN book ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.5 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN subtracted ) ( PP-CLR ( IN from ) ( NP ( NNS earnings ) ) ) ( PP-TMP ( IN over ) ( NP ( NP ( DT a ) ( NN period ) ) ( PP ( IN of ) ( NP ( NNS decades ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It also could be a drag on Georgia-Pacific earnings because the roughly 1.5 billion in goodwill the amount by which the bid exceeds Nekoosa 's book value of 1.5 billion will have to be subtracted from earnings over a period of decades


( S ( NP-SBJ ( NP ( NNP Georgia-Pacific ) ( POS 's ) ) ( NNP Mr. ) ( NNP Hahn ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ combined ) ( NN operation ) ) ( VP ( MD would ) ( VP ( VB allow ) ( NP ( NNS savings ) ) ( PP-MNR ( IN in ) ( NP ( JJ many ) ( NNS ways ) ) ) ) ) ) ) ) )

Georgia-Pacific 's Mr. Hahn said that a combined operation would allow savings in many ways


( S ( NP-SBJ ( NP ( DT The ) ( CD two ) ( NNS companies ) ) ( NP ( DT each ) ) ) ( VP ( VBP produce ) ( NP ( NP ( NN market ) ( NN pulp ) ) ( NP ( NN containerboard ) ) ( CC and ) ( NP ( JJ white ) ( NN paper ) ) ) ) )

The two companies each produce market pulp containerboard and white paper


( S ( S-TPC-2 ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ-1 ( NNS goods ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN manufactured ) ( ADVP ( RBR closer ) ( PP ( TO to ) ( NP ( NNS customers ) ) ) ) ( S-ADV ( VP ( VBG saving ) ( NP ( NN shipping ) ( NNS costs ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

That means goods could be manufactured closer to customers saving shipping costs he said


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NN production ) ( NNS runs ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJR longer ) ) ( S-ADV ( VP ( VBG cutting ) ( NP ( NNS inefficiencies ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG adjusting ) ( NP ( NN machinery ) ) ( PP-TMP ( IN between ) ( NP ( NN production ) ( NNS cycles ) ) ) ) ) ) ) ) ) ) )

Moreover production runs would be longer cutting inefficiencies from adjusting machinery between production cycles


( S ( CC And ) ( NP-SBJ ( NNP Georgia-Pacific ) ) ( VP ( MD could ) ( VP ( VB save ) ( NP ( NN money ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG selling ) ( NP ( NN pulp ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ uses ) ( NP ( PRP$ its ) ( JJ own ) ( NNS sales ) ( NN organization ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Nekoosa ) ) ( VP ( VBZ employs ) ( NP ( JJ higher-cost ) ( NNS agents ) ) ) ) ) ) ) ) ) ) )

And Georgia-Pacific could save money in selling pulp because the company uses its own sales organization while Nekoosa employs higher-cost agents


( S ( NP-SBJ ( NNP Mr. ) ( NNP Hahn ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Georgia-Pacific ) ) ( VP ( VBZ has ) ( VP ( VBN accounted ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN strategy ) ) ) ( PP ( IN for ) ( NP ( NP ( NP ( DT a ) ( JJ significant ) ( NN downturn ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN pulp ) ( CC and ) ( NN paper ) ( NN industry ) ) ) ) ( NP ( NP ( DT an ) ( NN event ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( VP ( MD would ) ( ADVP-TMP ( RB temporarily ) ) ( VP ( VB dilute ) ( NP ( NNS earnings ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Hahn said Georgia-Pacific has accounted in its strategy for a significant downturn in the pulp and paper industry an event that he said would temporarily dilute earnings


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-LOC ( ADVP ( RB even ) ) ( IN under ) ( NP ( DT those ) ( NNS conditions ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( ADVP-TMP ( RB still ) ) ( VP ( MD would ) ( VP ( VB realize ) ( NP ( NP ( DT a ) ( NNS savings ) ) ( PP ( IN of ) ( NP ( NP ( NNS tens ) ) ( PP ( IN of ) ( NP ( NP ( NNS millions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN year ) ) ( PP-TMP ( VBG following ) ( NP ( DT a ) ( NN merger ) ) ) ) ) ) ) ) ) ) )

But he said that even under those conditions the company still would realize a savings of tens of millions of dollars in the first year following a merger


( S ( S-TPC-1 ( S ( NP-SBJ ( DT The ) ( NN fit ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( JJ good ) ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP see ) ( NP ( DT this ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN time ) ) ( PP ( IN of ) ( NP ( NN opportunity ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The fit is so good we see this as a time of opportunity he said


( S ( NP-SBJ ( NP ( NNP Georgia-Pacific ) ) ( SBAR ( WHNP-45 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN suspended ) ( NP ( PRP$ its ) ( JJ stock-repurchase ) ( NN program ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB finance ) ( NP ( DT the ) ( NN acquisition ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT all ) ( NN bank ) ( NN debt ) ) ( VP ( VBN provided ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS banks ) ) ( VP ( VBN led ) ( PP ( IN by ) ( NP-LGS ( NNP BankAmerica ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) )

Georgia-Pacific which has suspended its stock-repurchase program would finance the acquisition with all bank debt provided by banks led by BankAmerica Corp


( S ( S ( NP-SBJ-1 ( NNP Georgia-Pacific ) ) ( VP ( VBZ owns ) ( NP ( CD 349,900 ) ( NNP Nekoosa ) ( NNS shares ) ) ) ) ( CC and ) ( S ( VP ( MD would ) ( VP ( VB need ) ( NP ( JJ federal ) ( JJ antitrust ) ( NN clearance ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 15 ) ( CD million ) ) ) ( NN worth ) ) ) ) ) ) ) ) )

Georgia-Pacific owns 349,900 Nekoosa shares and would need federal antitrust clearance to buy more than 15 million worth


( S ( NP-SBJ-1 ( NNP U.S. ) ( NN clearance ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBN needed ) ( PP-PRP ( IN for ) ( NP ( DT the ) ( JJ proposed ) ( NN acquisition ) ) ) ) ) )

U.S. clearance also is needed for the proposed acquisition


( S ( PP ( IN For ) ( NP ( NNP Nekoosa ) ) ) ( NP-SBJ-1 ( NN defense ) ( NNS options ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( JJ undercut ) ( ADVP ( RB somewhat ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ precarious ) ( NN state ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ( SBAR ( WHNP-46 ( WDT which ) ) ( S ( VP ( VBZ limits ) ( SBAR ( WHADVP-3 ( WRB how ) ( JJ much ) ( NN value ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN target ) ) ( VP ( MD could ) ( VP ( VB reach ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ debt-financed ) ( NN recapitalization ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For Nekoosa defense options may be undercut somewhat by the precarious state of the junk-bond market which limits how much value the target could reach in a debt-financed recapitalization


( S ( NP-SBJ ( NP ( NP ( NP ( DT The ) ( NN company ) ( POS 's ) ) ( NN chairman ) ) ( NP ( NNP Mr. ) ( NNP Laidig ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS advisers ) ) ) ) ) ( VP ( VBD met ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNS offices ) ) ( PP ( IN of ) ( NP ( NP ( NNP Wachtel ) ( NNP Lipton ) ( NNP Rosen ) ( CC & ) ( NNP Katz ) ) ( NP ( NP ( DT a ) ( NN law ) ( NN firm ) ) ( VP ( VBG specializing ) ( PP-LOC-CLR ( IN in ) ( NP ( NN takeover ) ( NN defense ) ) ) ) ) ) ) ) ) ) )

The company 's chairman Mr. Laidig and a group of advisers met at the offices of Wachtel Lipton Rosen & Katz a law firm specializing in takeover defense


( S ( NP-SBJ-1 ( NNP Nekoosa ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN advised ) ( PP ( IN by ) ( NP-LGS ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) ) ) ) )

Nekoosa also is being advised by Goldman Sachs & Co


( S ( NP-SBJ ( NP ( NNP Georgia-Pacific ) ( POS 's ) ) ( NNS advisers ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNP Wasserstein ) ( NNP Perella ) ( CC & ) ( NNP Co. ) ) ( SBAR ( WHNP-47 ( WDT which ) ) ( S ( VP ( VBZ stands ) ( S ( VP ( TO to ) ( VP ( VB receive ) ( NP ( DT a ) ( ADJP ( QP ( CD 15 ) ( CD million ) ) ) ( NN fee ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN takeover ) ) ( VP ( VBZ succeeds ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN law ) ( NN firm ) ) ( PP ( IN of ) ( NP ( NNP Shearman ) ( CC & ) ( NNP Sterling ) ) ) ) ) ) )

Georgia-Pacific 's advisers are Wasserstein Perella & Co. which stands to receive a 15 million fee if the takeover succeeds and the law firm of Shearman & Sterling


( S ( NP-SBJ ( NP ( NNS People ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NNP Nekoosa ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP$ its ) ( NN board ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN week ) ) ( PP ( IN after ) ( NP ( JJ next ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

People familiar with Nekoosa said its board is n't likely to meet before the week after next to respond to the bid


( S ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBZ has ) ( NP ( NP ( CD 10 ) ( NN business ) ( NNS days ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB respond ) ) ) ) ) ) ) )

The board has 10 business days to respond


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( JJ usual ) ( NN array ) ) ( PP ( IN of ) ( NP ( NNS defenses ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( JJ so-called ) ( NN poison ) ( NN pill ) ) ( CC and ) ( NP ( DT a ) ( JJ staggered ) ( NN board ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Nekoosa ) ) ( VP ( VBZ has ) ( NP ( NP ( DT another ) ( NN takeover ) ( NN defense ) ) ( NP ( NP ( DT a ) ( NNP Maine ) ( NN state ) ( NN law ) ) ( VP ( VBG barring ) ( NP-1 ( JJ hostile ) ( NNS bidders ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG merging ) ( NP ( VBN acquired ) ( NNS businesses ) ) ( PP-TMP ( IN for ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ) ) ) ) ) )

In addition to the usual array of defenses including a so-called poison pill and a staggered board Nekoosa has another takeover defense a Maine state law barring hostile bidders from merging acquired businesses for five years


( S ( NP-SBJ-1 ( NNP Nekoosa ) ) ( VP ( VBZ is ) ( VP ( VBN incorporated ) ( PP-LOC ( IN in ) ( NP ( NNP Maine ) ) ) ) ) )

Nekoosa is incorporated in Maine


( S ( NP-SBJ-1 ( NNP Georgia-Pacific ) ) ( VP ( VBZ has ) ( VP ( VBN filed ) ( NP ( DT a ) ( NN lawsuit ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ federal ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Maine ) ) ) ) ) ( S ( VP ( VBG challenging ) ( NP ( NP ( DT the ) ( NN poison ) ( NN pill ) ) ( CC and ) ( NP ( DT the ) ( NNP Maine ) ( NN merger ) ( NN law ) ) ) ) ) ) ) )

Georgia-Pacific has filed a lawsuit in federal court in Maine challenging the poison pill and the Maine merger law


( S ( S ( NP-SBJ ( NP ( NNP Nekoosa ) ( POS 's ) ) ( NN poison ) ( NN pill ) ) ( VP ( VBZ allows ) ( S ( NP-SBJ-2 ( NNS shareholders ) ) ( VP ( TO to ) ( VP ( VB vote ) ( S ( VP ( TO to ) ( VP ( VB rescind ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NNP Georgia-Pacific ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB pursue ) ( NP ( PDT such ) ( DT a ) ( NN course ) ) ( ADVP-TMP ( RB immediately ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VP ( MD would ) ( VP ( VB take ) ( NP ( QP ( CD 90 ) ( TO to ) ( CD 120 ) ) ( NNS days ) ) ) ) ( CC and ) ( VP ( MD would ) ( RB n't ) ( VP ( VB affect ) ( NP ( NP ( DT the ) ( NNS provisions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Maine ) ( NN law ) ) ) ) ) ) ) ) ) ) ) )

Nekoosa 's poison pill allows shareholders to vote to rescind it but Georgia-Pacific is n't likely to pursue such a course immediately because that would take 90 to 120 days and would n't affect the provisions of the Maine law


( SINV ( PP-TPC-1 ( IN Among ) ( NP ( NP ( NNS companies ) ) ( VP ( VBN mentioned ) ( PP ( IN by ) ( NP-LGS ( NNS analysts ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( JJ possible ) ( NNS counterbidders ) ) ( PP ( IN for ) ( NP ( NNP Nekoosa ) ) ) ) ) ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NNP International ) ( NNP Paper ) ) ( NP ( NNP Weyerhaeuser ) ) ( NP ( NNP Canadian ) ( NNP Pacific ) ( NNP Ltd. ) ) ( CC and ) ( NP ( NNP MacMillan ) ( NNP Bloedel ) ( NNP Ltd ) ) ) )

Among companies mentioned by analysts as possible counterbidders for Nekoosa are International Paper Weyerhaeuser Canadian Pacific Ltd. and MacMillan Bloedel Ltd


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( ADJP-PRD ( JJ sure ) ( SBAR ( S ( NP-SBJ ( NP ( NN everybody ) ) ( ADJP ( RB else ) ) ) ( VP ( VBZ is ) ( VP ( VBG putting ) ( NP ( NN pencil ) ) ( PP-PUT ( TO to ) ( NP ( NN paper ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Kathryn ) ( NNP McAuley ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP First ) ( NNP Manhattan ) ( NNP Co ) ) ) ) ) )

I 'm sure everybody else is putting pencil to paper said Kathryn McAuley an analyst with First Manhattan Co


( S ( NP-SBJ-1 ( NP ( NNP International ) ( NNP Paper ) ) ( CC and ) ( NP ( NNP Weyerhaeuser ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

International Paper and Weyerhaeuser declined to comment


( S ( S ( NP-SBJ-2 ( NNP Canadian ) ( NNP Pacific ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP MacMillan ) ( NNP Bloedel ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( RB n't ) ( NP ( DT any ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NN Nekoosa ) ) ) ) ) ) ) ) ) ) ) ) ) )

Canadian Pacific could n't be reached for comment and MacMillan Bloedel said it has n't any plans to make a bid for Nekoosa


( S ( NP-SBJ-1 ( NNS Investors ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ quick ) ( S ( VP ( TO to ) ( VP ( VB spot ) ( NP ( NP ( JJ other ) ( JJ potential ) ( NN takeover ) ( NNS candidates ) ) ( SBAR ( WHNP-2 ( WHNP ( DT all ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBP have ) ( NP ( NP ( JJ strong ) ( NN cash ) ( NNS flows ) ) ( CC and ) ( NP ( JJ low-cost ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ) ) )

Investors were quick to spot other potential takeover candidates all of which have strong cash flows and low-cost operations


( SINV ( PP-LOC-TPC-1 ( IN Among ) ( NP ( NP ( NN paper ) ( NN company ) ( NNS stocks ) ) ( SBAR ( WHNP-48 ( WDT that ) ) ( S ( VP ( VBD rallied ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ) ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( NP ( NNP Union ) ( NNP Camp ) ) ( ADVP ( RB up ) ( NP-ADV ( CD 2.75 ) ) ( PP ( TO to ) ( NP ( CD 37.75 ) ) ) ) ) ( NP ( NP ( NNP Federal ) ( NNP Paperboard ) ) ( ADVP ( RB up ) ( NP-ADV ( CD 1.75 ) ) ( PP ( TO to ) ( NP ( CD 27.875 ) ) ) ) ) ( NP ( NP ( NN Mead ) ) ( ADVP ( RB up ) ( NP-ADV ( CD 2.375 ) ) ( PP ( TO to ) ( NP ( CD 38.75 ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Temple ) ( NNP Inland ) ( NNP Inc. ) ) ( ADVP ( RB up ) ( NP-ADV ( CD 3.75 ) ) ( PP ( TO to ) ( NP ( CD 62.25 ) ) ) ) ) ) )

Among paper company stocks that rallied on the Big Board because of the offer were Union Camp up 2.75 to 37.75 Federal Paperboard up 1.75 to 27.875 Mead up 2.375 to 38.75 and Temple Inland Inc. up 3.75 to 62.25


( S ( PP-LOC ( IN In ) ( NP ( JJ over-the-counter ) ( JJ national ) ( NN trading ) ) ) ( NP-SBJ ( NNP Bowater ) ( NNP Inc. ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 1.50 ) ) ( PP-DIR ( TO to ) ( NP ( CD 27.50 ) ) ) ) )

In over-the-counter national trading Bowater Inc. jumped 1.50 to 27.50


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBD argued ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN flurry ) ) ( PP ( IN of ) ( NP ( NNS takeovers ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN industry ) ( POS 's ) ) ( JJ continuing ) ( JJ capacity-expansion ) ( NN program ) ) ( VP ( VBZ is ) ( VP ( VBG eating ) ( PRT ( RP up ) ) ( NP ( JJ available ) ( NN cash ) ) ) ) ) ) ) ) ) ) ) )

Some analysts argued that there wo n't be a flurry of takeovers because the industry 's continuing capacity-expansion program is eating up available cash


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP expect ) ( S-2 ( NP-SBJ-1 ( NP ( DT a ) ( JJ foreign ) ( NN paper ) ( NN company ) ) ( PP ( IN with ) ( NP ( NP ( JJR deeper ) ( NNS pockets ) ) ( PP ( IN than ) ( NP ( NNP Georgia-Pacific ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB end ) ( PRT ( RP up ) ) ( S ( VP ( VBG acquiring ) ( NP ( NNP Nekoosa ) ) ) ) ( S-ADV ( VP ( VBG signaling ) ( PP-DTV ( TO to ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ hostile ) ( NNS bids ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ unproductive ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover some analysts said they expect a foreign paper company with deeper pockets than Georgia-Pacific to end up acquiring Nekoosa signaling to the rest of the industry that hostile bids are unproductive


( SINV ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ one-time ) ( NN event ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ-2 ( NP ( NNP Lawrence ) ( NNP Ross ) ) ( PP ( IN of ) ( NP ( NNP PaineWebber ) ( NNP Inc. ) ) ) ) ( S-ADV ( VP ( VBG referring ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP Georgia-Pacific ) ( NN bid ) ) ) ) ) )

This is a one-time event said Lawrence Ross of PaineWebber Inc. referring to the Georgia-Pacific bid


( S ( CC But ) ( NP-SBJ ( JJ many ) ( NNS analysts ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( PP ( VBN given ) ( NP ( NP ( NP ( DT the ) ( NN attractiveness ) ) ( PP ( IN of ) ( NP ( NP ( NN paper ) ( NNS companies ) ( POS ' ) ) ( NN cash ) ( NNS flows ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT the ) ( JJ frantic ) ( NN consolidation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN paper ) ( NN industry ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( QP ( IN at ) ( JJS least ) ( DT a ) ( JJ few ) ( JJR more ) ) ( JJ big ) ( NN hostile ) ( NNS bids ) ) ( PP ( IN for ) ( NP ( NNP U.S. ) ( NNS companies ) ) ) ) ( PP-TMP ( IN within ) ( NP ( DT the ) ( JJ next ) ( JJ several ) ( NNS months ) ) ) ) ) ) ) ) )

But many analysts believe that given the attractiveness of paper companies ' cash flows as well as the frantic consolidation of the paper industry in Europe there will be at least a few more big hostile bids for U.S. companies within the next several months


( S-1 ( NP-SBJ ( DT The ) ( NNS buyers ) ) ( PRN ( S ( NP-SBJ ( DT these ) ( NNS analysts ) ) ( VP ( VBD added ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( CC either ) ( NP ( JJ foreign ) ) ( CC or ) ( NP ( JJ other ) ( NNP U.S. ) ) ( NX-2 ( NNS concerns ) ) ) ) ) )

The buyers these analysts added could be either foreign or other U.S. concerns


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP Georgia-Pacific ) ( NN bid ) ) ( VP ( MD may ) ( VP ( VB open ) ( NP ( NP ( DT the ) ( NN door ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ new ) ( NN era ) ) ( PP ( IN of ) ( NP ( NP ( NN consolidation ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN paper ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Mark ) ( NNP Devario ) ) ( PP ( IN of ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc ) ) ) ) )

The Georgia-Pacific bid may open the door to a new era of consolidation in the paper industry said Mark Devario of Shearson Lehman Hutton Inc


( SINV ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( NN anyone ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( ADJP-PRD ( JJ immune ) ( PP ( IN from ) ( NP ( NN takeover ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Schneider ) ) ( PP ( IN of ) ( NP ( NP ( NNP Duff ) ( CC & ) ( NNP Phelps ) ( NNP Inc. ) ) ( NP-LOC ( NNP Chicago ) ) ) ) ) )

I do n't think anyone is now immune from takeover said Robert Schneider of Duff & Phelps Inc. Chicago


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( S ( NP-SBJ-1 ( DT Every ) ( NN paper ) ( NN company ) ( NN management ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG saying ) ( PP-CLR ( TO to ) ( NP ( PRP itself ) ) ) ( S ( SBAR-TMP ( IN Before ) ( S ( NP-SBJ ( NN someone ) ) ( VP ( VBZ comes ) ( PP-CLR ( IN after ) ( NP ( PRP me ) ) ) ) ) ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-CLR ( IN after ) ( NP ( NN somebody ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He added Every paper company management has to be saying to itself Before someone comes after me I 'm going to go after somebody


( S ( NP-SBJ ( NP ( NNP Prudential-Bache ) ( POS 's ) ) ( NNP Mr. ) ( NNP Rodgers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB see ) ( S ( NP-SBJ ( NP ( DT the ) ( NN industry ) ( POS 's ) ) ( NN capacity-expansion ) ( NN program ) ) ( VP ( VBG hindering ) ( NP ( NN takeover ) ( NN activity ) ) ) ) ) ) ) ) ) )

Prudential-Bache 's Mr. Rodgers said he does n't see the industry 's capacity-expansion program hindering takeover activity


( S-1 ( NP-SBJ ( JJ Several ) ( NNS projects ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB still ) ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( VBG drawing ) ( NN board ) ) ) ) )

Several projects he said are still on the drawing board


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( NP-ADV ( DT a ) ( NN lot ) ) ( JJR cheaper ) ( CC and ) ( JJR quicker ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT a ) ( NN plant ) ) ) ) ) ( SBAR-2 ( IN than ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( NN one ) ) ) ) ) ) ) )

Moreover it 's a lot cheaper and quicker to buy a plant than to build one


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS analysts ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ Japanese ) ( NN paper ) ( NNS companies ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ hungry ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( JJ additional ) ( NN manufacturing ) ( NN capacity ) ) ( PP-LOC ( ADVP ( RB anywhere ) ) ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) ) )

Indeed a number of analysts said that Japanese paper companies are hungry to acquire additional manufacturing capacity anywhere in the world


( S ( NP-SBJ ( DT Some ) ) ( VP ( VBD predicted ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Nekoosa ) ) ( VP ( MD will ) ( VP ( VB end ) ( PRT ( RP up ) ) ( S ( VP ( VBG being ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ Japanese ) ( NN company ) ) ) ) ) ) ) ) ) ) ) )

Some predicted that Nekoosa will end up being owned by a Japanese company


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ ( NP ( NNP Shearson ) ( NNP Lehman ) ( POS 's ) ) ( NNP Mr. ) ( NNP Devario ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S-PRP ( VP ( TO to ) ( VP ( VB stay ) ( ADJP-PRD ( JJ competitive ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP U.S. ) ( NN paper ) ( NN industry ) ) ( VP ( VBZ needs ) ( S ( VP ( TO to ) ( VP ( VB catch ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ European ) ( NN industry ) ) ) ) ) ) ) ) ) ) )

Meanwhile Shearson Lehman 's Mr. Devario said that to stay competitive the U.S. paper industry needs to catch up with the European industry


( S ( S-TPC-1 ( SBAR-TMP ( IN Since ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( JJ most-recent ) ( NN wave ) ) ( PP ( IN of ) ( NP ( JJ friendly ) ( NNS takeovers ) ) ) ) ( VP ( VBD was ) ( VP ( VBN completed ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1986 ) ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( QP ( JJR more ) ( IN than ) ( CD 100 ) ) ( NNS mergers ) ( CC and ) ( NNS acquisitions ) ) ( PP-LOC ( IN within ) ( NP ( DT the ) ( JJ European ) ( NN paper ) ( NN industry ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Since the most-recent wave of friendly takeovers was completed in the U.S. in 1986 there have been more than 100 mergers and acquisitions within the European paper industry he said


( S ( NP-SBJ ( NNP Sanwa ) ( NNP Shutter ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NP ( PRP$ its ) ( JJ affiliated ) ( NN company ) ) ( PP-LOC ( IN in ) ( NP ( NN Malaysia ) ) ) ) ( VP ( VBN established ) ( NP-TMP ( DT this ) ( NNP April ) ) ) ) ( VP ( MD will ) ( VP ( VB begin ) ( S ( VP ( VBG manufacturing ) ( NP ( NN steel ) ( NNS doors ) ) ( NP-TMP ( NNP Wednesday ) ) ) ) ) ) ) ) ) )

Sanwa Shutter Corp. said its affiliated company in Malaysia established this April will begin manufacturing steel doors Wednesday


( S ( NP-SBJ ( NP ( PRP$ Its ) ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ joint ) ( NN venture ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Sin ) ( NNP Kean ) ( NNP Boon ) ( NNP Metal ) ( NNP Industries ) ) ( NP-LOC ( NP ( NNP Penang ) ) ( NP ( NNP Malaysia ) ) ) ) ) )

Its partner in the joint venture is Sin Kean Boon Metal Industries Penang Malaysia


( S ( NP-SBJ ( NN Company ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ new ) ( NN company ) ) ( NP ( NP ( NNP Sin ) ( NNP Kean ) ( NNP Boon-Sanwa ) ) ( PRN ( NP ( NNP J.V ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN capitalized ) ( PP-MNR ( IN at ) ( NP ( NP ( DT the ) ( NN equivalent ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 54 ) ( CD million ) ) ( NNS yen ) ) ( PRN ( NP ( CD 381,000 ) ) ) ) ) ) ) ) ) ) ) ) )

Company officials said the new company Sin Kean Boon-Sanwa J.V is capitalized at the equivalent of 54 million yen 381,000


( S ( NP-SBJ ( DT The ) ( JJ Japanese ) ( NN concern ) ) ( VP ( VBZ has ) ( NP ( ADJP ( DT a ) ( CD 40 ) ( NN % ) ) ( NN stake ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( JJ local ) ( NN partner ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( ADJP ( CD 60 ) ( NN % ) ) ( NN stake ) ) ) ) ) ) )

The Japanese concern has a 40 % stake while the local partner has a 60 % stake


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( JJ new ) ( NN company ) ) ( VP ( VBD was ) ( VP ( VBN created ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NP ( VBG growing ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN steel ) ( NNS doors ) ) ) ( ADJP ( JJ concurrent ) ( PP ( IN with ) ( NP ( NP ( VBG increasing ) ( JJ local ) ( NN concern ) ) ( PP ( IN about ) ( NP ( NN fire ) ( NN prevention ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

The new company was created to meet growing demand for steel doors concurrent with increasing local concern about fire prevention the company said


( S ( NP-SBJ ( NNP J.C. ) ( NNP Penney ) ( NNP Co. ) ) ( VP ( VBZ is ) ( VP ( VBG extending ) ( NP ( NP ( PRP$ its ) ( NN involvement ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ televised ) ( NN home-shopping ) ( NN service ) ) ) ) ( PP-TMP-CLR ( IN by ) ( NP ( QP ( CD five ) ( TO to ) ( CD 10 ) ) ( NNS years ) ) ) ) ) )

J.C. Penney Co. is extending its involvement in a televised home-shopping service by five to 10 years


( S ( NP-SBJ ( NP ( NNP Shop ) ( NNP Television ) ( NNP Network ) ( NNP Inc. ) ) ( PRN ( PP-LOC ( IN of ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NNP Penney ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( NP ( NP ( PRP$ its ) ( JJ exclusive ) ( NN arrangement ) ) ( PP ( IN with ) ( NP ( NP ( NNP Shop ) ( NNP Television ) ) ( SBAR ( WHNP-103 ( WDT which ) ) ( S ( VP ( VBZ does ) ( NP ( DT the ) ( NX ( NX ( NN production ) ) ( NX ( NN marketing ) ) ( CC and ) ( NX ( NN cable ) ( NN distribution ) ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP J.C. ) ( NNP Penney ) ( NNP Television ) ( NNP Shopping ) ( NNP Channel ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Shop Television Network Inc. of Los Angeles said Penney agreed to continue its exclusive arrangement with Shop Television which does the production marketing and cable distribution for the J.C. Penney Television Shopping Channel


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN channel ) ) ( VP ( VBZ reaches ) ( NP ( QP ( CD 6.5 ) ( CD million ) ) ( NNS homes ) ) ) ) ( NP-SBJ ( DT a ) ( NNP Penney ) ( NN spokesman ) ) ( VP ( VBD said ) ) )

The channel reaches 6.5 million homes a Penney spokesman said


( S ( NP-SBJ ( NP ( NNP Michael ) ( NNP Rosen ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NNP Shop ) ( NNP Television ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NN Penney ) ) ( VP ( VBD decided ) ( S ( VP ( TO to ) ( VP ( VB extend ) ( NP ( NP ( PRP$ its ) ( NN involvement ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN service ) ) ) ) ( PP-TMP ( IN for ) ( NP ( QP ( IN at ) ( JJS least ) ( CD five ) ) ( NNS years ) ) ) ) ) ) ) ) ) ) )

Michael Rosen president of Shop Television said Penney decided to extend its involvement with the service for at least five years


( S ( SBAR-ADV ( IN If ) ( S ( PP-TMP ( IN by ) ( NP ( DT that ) ( NN time ) ) ) ( NP-SBJ ( DT the ) ( NN network ) ) ( VP ( VBZ reaches ) ( NP ( QP ( CD 14 ) ( CD million ) ) ( NNS homes ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN contract ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN renewed ) ( PP-TMP ( IN for ) ( NP ( CD five ) ( JJR more ) ( NNS years ) ) ) ) ) ) )

If by that time the network reaches 14 million homes the contract will be renewed for five more years


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN year ) ) ( NP-SBJ-1 ( NNP Penney ) ) ( VP ( VBD abandoned ) ( NP ( NP ( DT another ) ( NN home ) ( NN shopping ) ( NN venture ) ) ( NP ( NNP Telaction ) ( NNP Corp. ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG investing ) ( NP ( QP ( CD 106 ) ( CD million ) ) ) ( PP-CLR ( IN in ) ( NP ( PRP it ) ) ) ) ) ) ) )

Earlier this year Penney abandoned another home shopping venture Telaction Corp. after investing 106 million in it


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD took ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 20 ) ( CD million ) ) ) ( NN charge ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN fiscal ) ( JJ first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP April ) ( CD 29 ) ) ) ) ) ( VP-1 ( VBN related ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG discontinuing ) ( NP ( DT the ) ( NN service ) ) ) ) ) ) ) )

The company took a 20 million charge in the fiscal first quarter ended April 29 related to discontinuing the service


( S ( NP-SBJ ( NP ( NNP Bouygues ) ( NNP S.A. ) ) ( NP ( NP ( DT a ) ( JJ diversified ) ( NN construction ) ( NN concern ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Paris ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( JJ consolidated ) ( NN profit ) ) ( PP ( IN for ) ( NP ( DT the ) ( CD 1989 ) ( JJ first ) ( NN half ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NNS payments ) ) ( PP ( TO to ) ( NP ( NN minority ) ( NNS interests ) ) ) ) ) ( VP ( VBD surged ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 188 ) ( CD million ) ) ( JJ French ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 30.2 ) ( CD million ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 65 ) ( CD million ) ( NNS francs ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Bouygues S.A. a diversified construction concern based in Paris said its consolidated profit for the 1989 first half after payments to minority interests surged to 188 million French francs 30.2 million from 65 million francs a year earlier


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 21 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 22.61 ) ( CD billion ) ) ( NNS francs ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 18.69 ) ( CD billion ) ) ( NNS francs ) ) ) ) )

Revenue rose 21 % to 22.61 billion francs from 18.69 billion francs


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB specify ) ( NP ( NP ( NNS reasons ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ strong ) ( NNS earnings ) ( NN gain ) ) ) ) ) ) )

The company did n't specify reasons for the strong earnings gain


( S ( CC But ) ( NP-SBJ ( NNP Bouygues ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ first-half ) ( NN profit ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ indicative ) ( PP ( IN of ) ( NP ( DT the ) ( JJ full-year ) ( NN trend ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RB highly ) ( JJ seasonal ) ) ( NN nature ) ) ( PP ( IN of ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS activities ) ) ) ) ) ) ) ) ) ) ) )

But Bouygues said its first-half profit is n't indicative of the full-year trend because of the highly seasonal nature of many of the company 's activities


( S ( PP-TMP ( IN For ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ( NP-SBJ ( NNS Bouygues ) ) ( VP ( VBD had ) ( NP ( NP ( JJ consolidated ) ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( CD 519 ) ( CD million ) ) ( NNS francs ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NNS payments ) ) ( PP ( TO to ) ( NP ( NN minority ) ( NNS interests ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 50 ) ( CD billion ) ) ( NNS francs ) ) ) ) ) ) )

For all of 1988 Bouygues had consolidated profit of 519 million francs after payments to minority interests on revenue of 50 billion francs


( S ( NP-SBJ ( DT The ) ( NN group ) ) ( VP ( VBZ has ) ( VP ( VBN forecast ) ( NP ( NP ( CD 1989 ) ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 56.9 ) ( CD billion ) ) ( NNS francs ) ) ) ) ) ) )

The group has forecast 1989 revenue of 56.9 billion francs


( S ( NP-SBJ ( NNP Courtaulds ) ( NNP PLC ) ) ( VP ( VBD announced ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB spin ) ( PRT ( RP off ) ) ( NP ( PRP$ its ) ( NNS textiles ) ( NNS operations ) ) ( PP-DIR ( TO to ) ( NP ( VBG existing ) ( NNS shareholders ) ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN restructuring ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NN shareholder ) ( NN value ) ) ) ) ) ) ) ) ) ) )

Courtaulds PLC announced plans to spin off its textiles operations to existing shareholders in a restructuring to boost shareholder value


( S ( S-TPC-1 ( NP-SBJ ( NP ( NP ( DT The ) ( JJ British ) ( UCP ( NN chemical ) ( CC and ) ( NN textile ) ) ( NN company ) ( POS 's ) ) ( NN plan ) ) ( SBAR ( WHNP-210 ( WDT which ) ) ( S ( VP ( VBZ requires ) ( NP ( NN shareholder ) ( NN approval ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( JJ new ) ( JJ listed ) ( NNP U.K. ) ( NN stock ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ probable ) ( NN market ) ( NN capitalization ) ) ( PP ( IN between ) ( NP ( NP ( NP ( QP ( CD 300 ) ( CD million ) ) ) ( PRN ( NP ( QP ( CD 473 ) ( CD million ) ) ) ) ) ( CC and ) ( NP ( QP ( CD 400 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ) )

The British chemical and textile company 's plan which requires shareholder approval would create a new listed U.K. stock with a probable market capitalization between 300 million 473 million and 400 million analysts said


( S ( NP-SBJ ( NP ( DT The ) ( NN establishment ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ separate ) ( NN company ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN called ) ( S ( NP-PRD ( NNP Courtaulds ) ( NNP Textiles ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( JJ effective ) ) ( ADVP-TMP ( ADVP ( RB as ) ( RB early ) ) ( PP ( IN as ) ( NP ( NP ( JJ next ) ( NN year ) ( POS 's ) ) ( JJ first ) ( NN quarter ) ) ) ) ) ) )

The establishment of the separate company to be called Courtaulds Textiles could be effective as early as next year 's first quarter


( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBD welcomed ) ( NP ( DT the ) ( NN move ) ) ) )

Investors welcomed the move


( S ( NP-SBJ-1 ( NP ( NNP Courtaulds ) ( POS ' ) ) ( NNS shares ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 15 ) ( NN pence ) ) ( PP-DIR ( TO to ) ( NP ( CD 362 ) ( NN pence ) ) ) ( S-ADV ( VP ( VBG valuing ) ( NP ( DT the ) ( JJ entire ) ( NN company ) ) ( PP ( IN at ) ( NP ( QP ( RB about ) ( CD 1.44 ) ( CD billion ) ) ) ) ) ) ) )

Courtaulds ' shares rose 15 pence to 362 pence valuing the entire company at about 1.44 billion


( S ( NP-SBJ ( NP ( NNP Courtaulds ) ( POS ' ) ) ( NN spinoff ) ) ( VP ( VBZ reflects ) ( NP ( NP ( NN pressure ) ) ( PP-LOC ( IN on ) ( NP ( JJ British ) ( NN industry ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NN share ) ( NNS prices ) ) ( PP-LOC-CLR ( IN beyond ) ( NP ( NP ( DT the ) ( NN reach ) ) ( PP ( IN of ) ( NP ( JJ corporate ) ( NNS raiders ) ) ) ) ) ) ) ) ) ) )

Courtaulds ' spinoff reflects pressure on British industry to boost share prices beyond the reach of corporate raiders


( S ( NP-SBJ ( NP ( NNP Courtaulds ) ( POS ' ) ) ( NN restructuring ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( JJS largest ) ) ( ADVP-TMP ( RB thus ) ( RB far ) ) ( PP-LOC ( IN in ) ( NP ( NNP Britain ) ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBN dwarfed ) ( PP ( IN by ) ( NP-LOC ( NP ( NNP B.A.T ) ( NNPS Industries ) ( NNP PLC ) ( POS 's ) ) ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB spin ) ( PRT ( RP off ) ) ( NP ( NP ( QP ( RB roughly ) ( CD 4 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS assets ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB fend ) ( PRT ( RP off ) ) ( NP ( NP ( DT a ) ( NN takeover ) ( NN bid ) ) ( PP-DIR ( IN from ) ( NP ( JJ Anglo-French ) ( NN financier ) ( NNP Sir ) ( NNP James ) ( NNP Goldsmith ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Courtaulds ' restructuring is among the largest thus far in Britain though it is dwarfed by B.A.T Industries PLC 's plans to spin off roughly 4 billion in assets to help fend off a takeover bid from Anglo-French financier Sir James Goldsmith


( S ( NP-SBJ ( DT The ) ( JJ divested ) ( NNP Courtaulds ) ( NN textile ) ( NNS operations ) ) ( VP ( VBD had ) ( NP ( NP ( NN operating ) ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( CD 50 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( QP ( CD 980 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN revenue ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP March ) ( CD 31 ) ) ) ) ) ) )

The divested Courtaulds textile operations had operating profit of 50 million on 980 million in revenue in the year ended March 31


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Courtaulds ) ( POS ' ) ) ( NNS moves ) ) ( VP ( MD could ) ( VP ( VB boost ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN value ) ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 5 ) ( NN % ) ( TO to ) ( CD 10 ) ) ( NN % ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( CD two ) ( NNS entities ) ) ( ADVP ( RB separately ) ) ( VP ( MD will ) ( VP ( VB carry ) ( NP ( NP ( DT a ) ( JJR higher ) ( NN price ) ( NNS earnings ) ( NN multiple ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( VP ( FRAG ( ADJP ( JJ combined ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some analysts have said Courtaulds ' moves could boost the company 's value by 5 % to 10 % because the two entities separately will carry a higher price earnings multiple than they did combined


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP Courtaulds ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS moves ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ logical ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB allow ) ( S ( NP-SBJ ( DT both ) ( DT the ) ( NNS chemicals ) ( CC and ) ( NN textile ) ( NNS businesses ) ) ( VP ( TO to ) ( VP ( VB focus ) ( ADVP-MNR ( RBR more ) ( RB closely ) ) ( PP-LOC-CLR ( IN on ) ( NP ( NN core ) ( NNS activities ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition Courtaulds said the moves are logical because they will allow both the chemicals and textile businesses to focus more closely on core activities


( S ( NP-SBJ ( NNP Courtaulds ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN under ) ( NP ( NN pressure ) ( S ( VP ( TO to ) ( VP ( VB enhance ) ( NP ( NN shareholder ) ( NN value ) ) ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ-1 ( NP ( NN takeover ) ( NNS speculators ) ) ( PRN ( PP ( VBG including ) ( NP ( JJ Australian ) ( NN financier ) ( NNP Kerry ) ( NNP Packer ) ) ) ) ) ( VP ( VBD surfaced ) ( S-ADV ( VP ( VBG holding ) ( NP ( JJ small ) ( NNS stakes ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) )

Courtaulds has been under pressure to enhance shareholder value since takeover speculators including Australian financier Kerry Packer surfaced holding small stakes last year


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Packer ) ) ( VP ( VBZ has ) ( ADVP-TMP ( IN since ) ) ( VP ( VBN sold ) ( NP ( PRP$ his ) ( NN stake ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Courtaulds ) ) ( VP ( VBZ is ) ( VP ( VBG moving ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( PRP$ its ) ( JJ institutional ) ( NNS shareholders ) ) ( ADJP-PRD ( JJ happy ) ) ) ) ) ) ) ) )

Though Mr. Packer has since sold his stake Courtaulds is moving to keep its institutional shareholders happy


( SINV ( S-TPC-1 ( PP ( RB Even ) ( IN without ) ( NP ( DT a ) ( NN specific ) ( NN takeover ) ( NN threat ) ) ) ( NP-SBJ ( NNP Courtaulds ) ) ( VP ( VBZ is ) ( VP ( VBG giving ) ( NP ( NNS shareholders ) ) ( NP ( NN choice ) ( CC and ) ( NN value ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Julia ) ( NNP Blake ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP London ) ( NNS stockbrokers ) ( NNP Barclays ) ( IN de ) ( NNP Zoete ) ( NNP Wedd ) ) ) ) ) )

Even without a specific takeover threat Courtaulds is giving shareholders choice and value said Julia Blake an analyst at London stockbrokers Barclays de Zoete Wedd


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN statement ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( DT Both ) ( NNS parts ) ) ( VP ( MD can ) ( ADVP ( RB only ) ) ( VP ( VP ( VB realize ) ( NP ( PRP$ their ) ( JJ full ) ( NN potential ) ) ) ( CC and ) ( VP ( VB be ) ( VP ( ADVP ( RB appropriately ) ) ( VBN valued ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN market ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( NP-PRD ( RB separately ) ( VBN quoted ) ( NNS companies ) ) ) ) ) ) ) ) ) )

In a statement the company said Both parts can only realize their full potential and be appropriately valued by the market if they are separately quoted companies


( S ( NP-SBJ ( NP ( NP ( DT The ) ( JJR sharper ) ( NN definition ) ) ( CC and ) ( NP ( DT the ) ( NN autonomy ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( DT each ) ) ( VP ( MD will ) ( ADVP ( RB thereby ) ) ( VP ( VB gain ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB benefit ) ( NP ( NNS shareholders ) ( NNS customers ) ( CC and ) ( NNS employees ) ) ) ) )

The sharper definition and the autonomy which each will thereby gain will benefit shareholders customers and employees


( S ( NP-SBJ ( NNP Courtaulds ) ( NNP Chairman ) ( CC and ) ( NNP Chief ) ( NNP Executive ) ( NNP Sir ) ( NNP Christopher ) ( NNP Hogg ) ) ( VP ( MD will ) ( VP ( VB remain ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT both ) ( NNS posts ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( VBG surviving ) ( NN chemical ) ( NN company ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN spinoff ) ) ) ) ) )

Courtaulds Chairman and Chief Executive Sir Christopher Hogg will remain in both posts at the surviving chemical company after the spinoff


( S ( NP-SBJ ( NNP MCI ) ( NNP Communications ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD won ) ( NP ( DT a ) ( ADJP ( QP ( CD 27 ) ( CD million ) ) ) ( NN contract ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Stuart-James ) ( NNP Co. ) ) ( NP ( DT a ) ( NNP Denver ) ( NN investment ) ( NN banking ) ( NN concern ) ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NN voice ) ( CC and ) ( NN data ) ( NNS telecommunications ) ( NNS services ) ) ) ) ) ) ) ) ) )

MCI Communications Corp. said it won a 27 million contract from Stuart-James Co. a Denver investment banking concern to provide voice and data telecommunications services


( S ( NP-SBJ ( DT The ) ( NN agreement ) ) ( VP ( VBZ calls ) ( SBAR-CLR ( IN for ) ( S ( NP-SBJ ( NNP MCI ) ) ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NP ( NN data ) ( NN service ) ) ( NP ( CD 800 ) ) ( CC and ) ( NP ( NP ( NNP Vnet ) ( NN service ) ) ( NP ( DT a ) ( ADJP ( JJ virtual ) ( JJ private ) ) ( NN network ) ( NN service ) ) ) ) ) ) ) ) ) )

The agreement calls for MCI to provide data service 800 and Vnet service a virtual private network service


( S ( NP-SBJ-1 ( DT The ) ( NNS companies ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB disclose ) ( NP ( NP ( DT the ) ( NN length ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN contract ) ) ) ) ( SBAR ( IN except ) ( S-PRP ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ multiyear ) ( NN agreement ) ) ) ) ) ) ) ) ) ) ) )

The companies would n't disclose the length of the contract except to say it was a multiyear agreement


( S ( NP-SBJ ( NNP NEC ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( ADVP ( RBR more ) ( IN than ) ) ( VP ( VB double ) ( NP ( NP ( NP ( PRP$ its ) ( NNP British ) ( NN subsidiary ) ( POS 's ) ) ( NN capacity ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN production ) ) ( PP ( IN of ) ( NP ( NN semiconductor ) ( NNS wafers ) ) ) ) ) ) ) ) ) ) ) ) ) )

NEC Corp. said it plans to more than double its British subsidiary 's capacity for the production of semiconductor wafers


( S ( NP-SBJ ( NP ( NNS Officials ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ Japanese ) ( NN semiconductor ) ( NN maker ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( NN investment ) ) ( PP-LOC ( IN in ) ( NP ( NN plant ) ( CC and ) ( NN equipment ) ) ) ) ( PP-EXT ( IN by ) ( NP ( NP ( QP ( CD 10 ) ( CD billion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 70.6 ) ( CD million ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 90 ) ( CD billion ) ) ( NNS yen ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP ( NNP March ) ( CD 31 ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ extra ) ( NNS funds ) ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NN production ) ) ( ADVP-LOC ( RB overseas ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Officials at the Japanese semiconductor maker said the company intends to increase investment in plant and equipment by 10 billion yen 70.6 million to 90 billion yen in the year ending March 31 with the extra funds used to increase production overseas


( S ( NP-SBJ ( NNS Officials ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ sure ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN money ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN distributed ) ( PP-LOC-CLR ( IN among ) ( NP ( JJ overseas ) ( NNS units ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP NEC ) ( NNP Semiconductors ) ( NNP U.K. ) ( NNP Ltd. ) ) ( VP ( MD will ) ( VP ( VB receive ) ( NP ( NN priority ) ) ) ) ) ) ) ) )

Officials said they were n't sure how the money will be distributed among overseas units but added that NEC Semiconductors U.K. Ltd. will receive priority


( S ( NP-SBJ ( NNS Officials ) ) ( ADVP ( RB also ) ) ( VP ( VBD disclosed ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ possible ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NNP NEC ) ) ( VP ( MD may ) ( VP ( VB reduce ) ( NP ( NP ( JJ domestic ) ( NN production ) ) ( PP ( IN of ) ( NP ( JJ one-megabit ) ( NNS chips ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD five ) ( CD million ) ) ) ( NP-ADV ( DT a ) ( NN month ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD six ) ( CD million ) ) ) ) ( S-ADV ( VP ( VBG beginning ) ( NP-TMP ( NNP January ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( VBG deteriorating ) ( NN market ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) )

Officials also disclosed it 's possible that NEC may reduce domestic production of one-megabit chips to five million a month from six million beginning January because of deteriorating market prices


( S ( NP-SBJ ( NNP Mitsubishi ) ( NNP Heavy ) ( NNP Industries ) ( NNP Ltd. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( JJ unconsolidated ) ( JJ pretax ) ( NNS earnings ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN fiscal ) ( JJ first ) ( NN half ) ) ) ) ( VP ( VBD surged ) ( NP-EXT ( CD 79 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT a ) ( JJ record ) ( QP ( CD 63.25 ) ( CD billion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 445.7 ) ( CD million ) ) ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( JJ strong ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) )

Mitsubishi Heavy Industries Ltd. said unconsolidated pretax earnings in the fiscal first half surged 79 % to a record 63.25 billion yen 445.7 million reflecting strong demand for a variety of products


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( NN period ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 90 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 31.18 ) ( CD billion ) ) ( NNS yen ) ) ( CC or ) ( NP ( NP ( CD 9.34 ) ( NNS yen ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 16.38 ) ( CD billion ) ) ( NNS yen ) ) ( CC or ) ( NP ( NP ( CD 5.05 ) ( NNS yen ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

In the period ended Sept. 30 net income rose 90 % to 31.18 billion yen or 9.34 yen a share from 16.38 billion yen or 5.05 yen a share


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB ago ) ) ( NP-SBJ ( DT the ) ( NNP Tokyo ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( JJ pretax ) ( NN profit ) ) ( PP ( IN of ) ( NP ( QP ( CD 35.38 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) )

A year ago the Tokyo company had pretax profit of 35.38 billion yen


( S ( NP-SBJ-1 ( NNS Sales ) ) ( VP ( VBD amounted ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 1.011 ) ( CD trillion ) ) ( NNS yen ) ) ) ( S-ADV ( VP ( VBG climbing ) ( NP-EXT ( CD 29 ) ( NN % ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 787.02 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) )

Sales amounted to 1.011 trillion yen climbing 29 % from 787.02 billion yen


( S ( S ( VP ( VBN Encouraged ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ brisk ) ( NN performance ) ) ) ) ) ( NP-SBJ-2 ( NNP Mitsubishi ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( PRP$ its ) ( JJ per-share ) ( NN dividend ) ) ( PP-DIR ( TO to ) ( NP ( CD 3.50 ) ( NNS yen ) ) ) ( PP-DIR ( IN from ) ( NP ( CD three ) ( NNS yen ) ) ) ) ) ) ) )

Encouraged by the brisk performance Mitsubishi plans to raise its per-share dividend to 3.50 yen from three yen


( S ( NP-SBJ ( NN Company ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ current ) ( JJ robust ) ( JJ domestic ) ( NN demand ) ) ( SBAR ( WHNP-106 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG fueling ) ( NP ( JJ sustained ) ( JJ economic ) ( NN expansion ) ) ) ) ) ) ) ) ( VP ( VP ( VBD helped ) ( VP ( NN push ) ( ADVP-DIR ( RP up ) ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( NNS products ) ) ( PP ( IN like ) ( NP ( NP ( NNS ships ) ) ( NP ( NN steel ) ( NNS structures ) ) ( NP ( NN power ) ( NNS systems ) ) ( CC and ) ( NP ( NN machinery ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD resulted ) ( PP-CLR ( IN in ) ( NP ( ADJP ( RB sharply ) ( JJR higher ) ) ( NN profit ) ) ) ) ) ) ) ) )

Company officials said the current robust domestic demand that has been fueling sustained economic expansion helped push up sales of products like ships steel structures power systems and machinery and resulted in sharply higher profit


( S ( NP-SBJ ( NNP Marks ) ( CC & ) ( NNP Spencer ) ( NNP PLC ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( CD 12 ) ( NN % ) ) ( NN gain ) ) ( PP-LOC ( IN in ) ( NP ( JJ first-half ) ( JJ pretax ) ( NN profit ) ) ) ) ( PP-PRP ( ADVP ( RB mainly ) ) ( IN because ) ( IN of ) ( NP ( VBG improving ) ( NNS performances ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NX ( NX ( NN U.K. ) ) ( CC and ) ( NX ( JJ continental ) ( NNP Europe ) ) ) ) ) ) ) ) )

Marks & Spencer PLC reported a 12 % gain in first-half pretax profit mainly because of improving performances in the U.K. and continental Europe


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( CD six ) ( NNS months ) ) ( VP ( VBD ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( NP-SBJ ( NP ( JJ pretax ) ( NN profit ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ British ) ( NN clothing ) ( CC and ) ( NN food ) ( NN retailer ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 208.7 ) ( CD million ) ) ) ( PRN ( NP ( QP ( CD 330.1 ) ( CD million ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 185.5 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) )

In the six months ended Sept. 30 pretax profit at the British clothing and food retailer rose to 208.7 million 330.1 million from 185.5 million a year ago


( S ( S ( NP-SBJ ( DT The ) ( NNS results ) ) ( VP ( VBD surpassed ) ( NP ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS forecasts ) ) ( SBAR ( WHNP-90 ( WDT which ) ) ( S ( VP ( VBD averaged ) ( NP ( QP ( RB around ) ( CD 200 ) ( CD million ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Marks ) ( CC & ) ( NNP Spencer ) ) ( VP ( VBD responded ) ( PP ( IN in ) ( NP ( NP ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT an ) ( CD eight ) ( NNS pence ) ( NN rise ) ) ( PP ( TO to ) ( NP ( CD 188 ) ( NNS pence ) ) ) ) ) ) ) )

The results surpassed analysts ' forecasts which averaged around 200 million and Marks & Spencer responded in trading on London 's Stock Exchange with an eight pence rise to 188 pence


( S ( S ( NP-SBJ ( NP ( NN Profit ) ) ( PP-TMP ( PP ( IN after ) ( NP ( NN tax ) ( CC and ) ( NN minority ) ( NN interest ) ) ) ( CC but ) ( PP ( IN before ) ( NP ( JJ extraordinary ) ( NNS items ) ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 12 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 135.2 ) ( CD million ) ) ) ) ) ) ( S ( NP-SBJ ( JJ per-share ) ( NNS earnings ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD five ) ( NNS pence ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 4.5 ) ( NNS pence ) ) ) ) ) )

Profit after tax and minority interest but before extraordinary items rose 12 % to 135.2 million per-share earnings rose to five pence from 4.5 pence


( S ( NP-SBJ ( NNS Marks ) ) ( VP ( VBD declared ) ( NP ( NP ( DT an ) ( JJ interim ) ( JJ per-share ) ( NN dividend ) ) ( PP ( IN of ) ( NP ( CD 1.85 ) ( NNS pence ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 1.7 ) ( NNS pence ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

Marks declared an interim per-share dividend of 1.85 pence compared with 1.7 pence a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.5 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.25 ) ( CD billion ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN operating ) ( NN profit ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 13 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 225.7 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 199.8 ) ( CD million ) ) ) ) ) ) ) ) )

Sales increased 11 % to 2.5 billion from 2.25 billion while operating profit climbed 13 % to 225.7 million from 199.8 million


( S ( NP-SBJ-1 ( NP ( NNS Sales ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP North ) ( NNP America ) ) ( CC and ) ( NP ( DT the ) ( NNP Far ) ( NNP East ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN inflated ) ( PP ( IN by ) ( NP-LGS ( NNS acquisitions ) ) ) ( S-ADV ( VP ( VBG rising ) ( NP-EXT ( CD 62 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 278 ) ( CD million ) ) ) ) ) ) ) ) )

Sales in North America and the Far East were inflated by acquisitions rising 62 % to 278 million


( S ( NP-SBJ ( NN Operating ) ( NN profit ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 35 ) ( NN % ) ) ( ADVP ( RB however ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.8 ) ( CD million ) ) ) ) ) )

Operating profit dropped 35 % however to 3.8 million


( S ( NP-SBJ ( NP ( NNP Brooks ) ( NNP Brothers ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( NNP Marks ) ) ( VP ( VBD bought ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ( VP ( VBD saw ) ( S ( NP-SBJ ( NN operating ) ( NN profit ) ) ( VP ( NN drop ) ( PP-EXT ( IN in ) ( NP ( NN half ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 5 ) ( CD million ) ) ) ) ) ) ) )

Brooks Brothers which Marks bought last year saw operating profit drop in half to 5 million


( S ( NP-SBJ ( NP ( NNP Paramount ) ( NNP Communications ) ( NNP Inc. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Associates ) ( NNP Corp. ) ( NN consumer ) ( CC and ) ( JJ commercial ) ( NN finance ) ( NN subsidiary ) ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Co. ) ) ) ) ) ( PP ( IN for ) ( NP ( QP ( CD 3.35 ) ( CD billion ) ) ) ) ) ) )

Paramount Communications Inc. New York completed the sale of its Associates Corp. consumer and commercial finance subsidiary to a unit of Ford Motor Co. for 3.35 billion


( S ( NP-SBJ ( NP ( NNP Paramount ) ) ( SBAR ( WHNP-25 ( WDT which ) ) ( S ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NN unit ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB realize ) ( NP ( NP ( NP ( JJ net ) ( NNS proceeds ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN sale ) ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.6 ) ( CD billion ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT an ) ( JJ after-tax ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.2 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) ) )

Paramount which agreed to sell the unit in July said it would realize net proceeds from the sale of 2.6 billion with an after-tax gain of 1.2 billion


( S ( NP-SBJ ( NNP Paramount ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN gain ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN recorded ) ( PP-TMP ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ fourth ) ( NN quarter ) ) ( SBAR ( WHNP-26 ( WDT which ) ) ( S ( VP ( VBD ended ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ) ) ) ) ) )

Paramount said the gain would be recorded in its fourth quarter which ended yesterday


( S ( NP-SBJ ( NNP Paramount ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN sale ) ) ( VP ( VP ( VBZ completes ) ( NP ( NP ( DT the ) ( JJ strategic ) ( NN restructuring ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD began ) ( PP-TMP ( IN in ) ( NP ( CD 1983 ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD would ) ( VP ( VB enable ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( TO to ) ( VP ( VB focus ) ( PP-LOC-CLR ( IN on ) ( NP ( PRP$ its ) ( NN entertainment ) ( CC and ) ( NN publishing ) ( NNS businesses ) ) ) ) ) ) ) ) ) ) ) ) )

Paramount said the sale completes the strategic restructuring it began in 1983 and would enable it to focus on its entertainment and publishing businesses


( S ( NP-SBJ ( NNP Ford ) ) ( VP ( VBD said ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD planned ) ( S ( VP ( TO to ) ( VP ( VB operate ) ( NP ( NP ( NNP Associates ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Dallas ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ separate ) ( NN entity ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNP Ford ) ( NNP Financial ) ( NNP Services ) ( NNP Group ) ) ) ) ) ) ) ) ) ) ) ) )

Ford said in July it planned to operate Associates based in Dallas as a separate entity in its Ford Financial Services Group


( S ( NP-SBJ ( NNP Paramount ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Associates ) ) ( VP ( VBZ has ) ( NP ( NP ( QP ( RB about ) ( CD 14 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ total ) ( NNS assets ) ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ third-largest ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ( PP-LOC ( IN among ) ( NP ( NP ( JJ independent ) ( NN finance ) ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) )

Paramount said Associates has about 14 billion in total assets making it third-largest in terms of assets among independent finance companies in the U.S.


( S ( NP-SBJ-1 ( NNP Bonnie ) ( NNP J. ) ( NNP Stedt ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( DT an ) ( JJ executive ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP American ) ( NNP Express ) ( NNP Travel ) ( NNP Related ) ( NNPS Services ) ( NNP Co. ) ( NN unit ) ) ( PP ( IN of ) ( NP ( DT this ) ( ADJP ( NN travel ) ( CC and ) ( JJ financial ) ) ( NNS services ) ( NN firm ) ) ) ) ) ) ) ) ) )

Bonnie J. Stedt was named an executive vice president of the American Express Travel Related Services Co. unit of this travel and financial services firm


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ retains ) ( NP ( NP ( PRP$ her ) ( NNS duties ) ) ( PP ( IN of ) ( NP ( NNS human-resources ) ( NN director ) ) ) ) ) )

She retains her duties of human-resources director


( S ( NP-SBJ ( NNP Paramount ) ( NNP Communications ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sold ) ( NP ( CD two ) ( NNP Simon ) ( CC & ) ( NNP Schuster ) ( NN information ) ( NNS services ) ( NNS units ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Macmillan ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP Maxwell ) ( NNP Communication ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) )

Paramount Communications Inc. said it sold two Simon & Schuster information services units to Macmillan Inc. a subsidiary of Maxwell Communication Corp