MANHATTAN NAT'L <MLC> HOLDERS VOTE STOCK SALE
Manhattan National Corp said its
shareholders overwhelmingly approved a proprosal through which
<Union Central Life Insurance Co> took control of the company
by acquiring about 3.6 mln shares of newly issued Manhattan
National common stock for 43.2 mln dlrs.
    The company said the transaction gives Union Central, a
Cincinnati-based mutual insurance company, a total of 8,804,397
shares of Manhattan National stock, or 52.2 pct of the total
outstanding.
    Manhattan National said about three mln dlrs of the
invested funds will be used to repay short-term debt and two
mln dlrs has been earmarked for other short-term needs.
    The remainder will be available for the company's insurance
units, or for other business purposes, it said.
    Charles C. Hinkley, president and chief executive officer
of Union Central, is expected to be named chairman, president
and chief executive of Manhattan National, the company said.
 Reuter
