FRIEDMAN INDUSTRIES <FRD> MERGER NOT APPROVED
Friedman Industries Inc said
shareholders at a special meeting held for a vote on its
proposed merger into companies controlled by Venezuelan
businessman John Castellvi failed to provide a high enough
affirmative vote for approval.
    It said about 75 pct of the shares entitled to vote at the
meeting were voted in favor, but an 80 pct vote was needed.
    The company said a significant number of shares held in
street name were not voted.  As a result, it said it adjourned
the meeting until April 28 and, if the merger is approved,
closing is expected late next week.
 Reuter
