Репродукција четвртак, 4. август 1994.

CHRONICLE

Date: 05 August 1994

By Nadine Brozan

Nadine Brozan

It's been 50 years since SARAH McCLENDON, the Texas journalist famous for the directness of her questions, was accredited to cover Congress and the White House. So on Wednesday, the Washington bureaus of The Houston Chronicle and The Dallas Morning News gave her a reception in the Senate press gallery. In an extraordinary tribute for a reporter, the entire Senate rose to give Ms. McClendon a standing ovation. The Senate majority leader, GEORGE J. MITCHELL of Maine, and the minority leader, BOB DOLE of Kansas, both praised her, as did Treasury Secretary LLOYD BENTSEN, who had just testified at the Senate Banking Committee's Whitewater hearing.

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Mining Some Drama From Whitewater at Last

Date: 04 August 1994

By Walter Goodman

Walter Goodman

After an opening that veered between a yawn and a farce, the Whitewater hearings caught fire this week. The promise of the appearance of a villain or a victim usually excites interest on the stage, and so it was for this television show that occupied PBS, CNN and C-Span for hours and hours. (The networks passed, presumably saving themselves for the trial of O. J. Simpson.) The drama began to build on Tuesday morning with the questioning of Joshua L. Steiner, whose diary served as a metaphorical smoking gun against his former boss at the Treasury Department, Roger C. Altman. Mr. Steiner's hyperbolic prose turned the Senators into literary critics. By afternoon, expectations over how Mr. Altman would try to wriggle out of words, words, words ran high.

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Clinton Plans Series of TV Appearances

Date: 04 August 1994

President Clinton will appear in a series of two-minute commercials on CNN for at least a week to press for passage of his health care proposal, a spokesman for the cable network said tonight. The commercials will be paid for by the Democratic National Committee and will appear about 7:50 P.M. during the public affairs program "Crossfire."

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Outboard Official Quits

Date: 04 August 1994

By Bloomberg News

Bloomberg News

The Outboard Marine Corporation said today that its chief operating officer, Robert D. Randolph, 58, had resigned Tuesday night after the company's board decided to begin a search outside the company for a successor to James Chapman, its chairman, chief executive and president. Under the company's policy, Mr. Chapman, 63, is to retire by November 1996. The company, based in Waukegan, Ill., which makes Evinrude outboard motors and Chris-Craft boats, said Mr. Randolph's resignation was by mutual agreement.

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Intel-VLSI Agreement Is Ending

Date: 05 August 1994

By Bloomberg News

Bloomberg News

The Intel Corporation and VLSI Technology Inc. said today that they were terminating a two-year-old agreement to develop semiconductor products for hand-held computers. Intel, based in Santa Clara, Calif., also plans to sell its stake in VLSI, acquired when the two companies entered the agreement in July 1992. Intel, which invested about $50 million in VLSI, holds 5.36 million of its shares and a warrant to buy an additional 2.68 million shares. VLSI, based in San Jose, has about 37.6 million shares outstanding.

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SHAREHOLDERS APPROVE MERGER OF BIG PAINT MAKERS

Date: 05 August 1994

By Bloomberg News

Bloomberg News

Pratt & Lambert Inc. said yesterday that its shareholders had approved the acquisition of United Coatings Inc. of Kankakee, Ill. A combined company would be one of the country's top five sources of consumer paint and related products, with revenues of $418 million. United Coatings makes paints and applicators. Pratt & Lambert, a maker of architectural finishes and industrial coatings based in Buffalo, said it had bought United Coatings for five million shares and $17 million in cash. It will also assume the company's debt. The new company will be called Pratt & Lambert United Inc.

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UNITRIN SHARES RISE ON AMERICAN GENERAL OFFER

Date: 04 August 1994

By Bloomberg News

Bloomberg News

Shares of Unitrin Inc., an insurance company based in Chicago, jumped 23 percent yesterday after the American General Corporation disclosed its offer to buy the company for $2.6 billion in cash. Unitrin's shares gained $9, to $48.75, as almost 2.1 million shares changed hands in Nasdaq trading. Unitrin said its board had unanimously rejected American General's offer of $50.375, which was made on July 12. Separately, the stock of Litton Industries jumped yesterday after Michael Bunyaner, an analyst with Oppenheimer & Company, said the company might buy back Unitrin's stake of 12.6 million shares. Litton's stock rose $1.25, to $38.50, on the New York Stock Exchange.

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PARKER & PARSLEY FINISHES PURCHASE OF P.G.& E. ASSETS

Date: 04 August 1994

By Bloomberg News

Bloomberg News

The Parker & Parsley Petroleum Company said yesterday that it had completed its $122 million purchase of interests in 1,850 oil and natural gas wells from a unit of the Pacific Gas and Electric Company. The wells, which are in Oklahoma, the Rocky Mountain region and the Permian Basin of West Texas, were owned by the P.G.& E. Resources Company, based in Dallas. Parker & Parsley, based in Midland, Tex., estimates that the properties had reserves of about 17 million barrels of oil and 58.2 million cubic feet of natural gas at the end of last year. The properties will provide more than 200 additional sites for developmental drilling, the company said.

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TRIDENT NGL AGREES TO BE ACQUIRED IN $337 MILLION DEAL

Date: 05 August 1994

By Bloomberg News

Bloomberg News

Trident NGL Holdings Inc., a natural gas liquids company, signed a letter of intent yesterday to be acquired by Natural Gas Clearinghouse, a natural gas processor and marketer, in a deal estimated at more than $337 million. Trident said the price consisted of $5.875 cash and the rest in common stock of the combined entity. After the merger, Trident NGL shareholders will own 13 percent of the combined company, while Natural Gas Clearinghouse partners will hold 84 percent. The remaining 3 percent will be deposited into escrow for distribution to Trident shareholders or Natural Gas Clearinghouse partners, based on certain performance and market tests. Trident shares rose 12.5 cents yesterday, to $11.25, on the New York Stock Exchange.

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CHEVRON TO PAY $550 MILLION TO SETTLE TAX DISPUTES

Date: 04 August 1994

By Bloomberg News

Bloomberg News

The Chevron Corporation said yesterday that it would pay $550 million to settle most of the tax-related disputes it had with the Internal Revenue Services between 1979 and 1987. Details of the settlement were not disclosed, though Chevron said the agreement essentially raised its total Federal tax payments by about 10 percent for the nine-year period. The oil company has already set aside cash reserves exceeding the amount to be paid. Most of the settlement amount represents interest on adjustments to Chevron's tax burden, the company said. The settlement resolves questions over tax liabilities linked to oil purchases made by Chevron and other companies from Saudi Arabia between 1979 and 1982.

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