BULL TO ISSUE 800 MLN FRANCS STOCK OPTION BONDS
French state computer group Cie des
Machines Bull <BULP.PA> will issue 800 mln French francs worth
of stock option bonds, the Finance Ministry said.
    Each bond of 1,000 francs nominal and six pct interest,
will carry three "A" warrants and three "B" warrants giving the
right to subscribe to Bull shares.
    Bull is on the government's list of companies scheduled to
be privatised over the next five years but no date has been
set.
    This operation will reinforce Bull's capital and reduce the
state's stake, prior to privatisation, the Ministry said in a
press release.
    The three "A" warrants will give the right to subscribe to
five Bull shares at a price of 46 francs until November 30,
1988 and the three "B" warrants the right to subscribe to five
shares at a price of 52 francs until November 30, 1989.
    The eight-year bond, which will be issued at par, will have
a payment date of April 28 and will increase Bull's capital by
1.2 billion francs in 1989.
    Bull shares were quoted at a close of 55.45 francs on the
Paris stock exchange today.
    The privatisation commission values Bull at a minimum of
six billion francs, the press release said.
 REUTER
