AMERICAN EXPRESS <AXP> TO DISCUSS SHEARSON DEAL
American Express Co's board of
directors Monday will discuss the company's arrangement to sell
13 pct of Shearson Lehman Brothers Inc to Nippon Life Insurance
Co, a company spokesman said.
    The spokesman would not say whether the board is planning
to vote on the understanding between American Express and
Nippon Life. The Shearson stake is to be sold for 530 mln dlrs,
American Express has said.
    The spokesman also would not comment on speculation that
the board was to discuss a sale of securities to the public.
    Monday's board meeting is a regular monthly meeting. The
plan to sell part of Shearson to Nippon Life must be approved
by the American Express board and Japan's Ministry of Finance.
    Earlier, American Express and Shearson said they were
subpoenaed by the Securities and Exchange Commission. American
Express said it was subpoenaed for documents pertaining to
securities transactions of American Express and Fireman's Fund.
Shearson was subpoenaed for documents related to transactions
with Jefferies and Co and others.
    The American Express spokesman said he could not comment on
whether any officials of the firm were subpoenaed.
 Reuter
