Conoco Inc. filed a registration statement with the Securitiesand Exchange Commission (SEC) outlining a split-off plan fromDuPont that will establish Conoco as a fully independent company.The proposed split-off would be achieved through an exchange offerin which DuPont stockholders would be given an opportunity toexchange DuPont common stock for shares of Conoco Class B commonstock currently held by DuPont. The split-off is expected to becompleted in the third quarter. Last autumn, DuPont sold 30% ofConoco last October in the largest initial public offering in U.S.history. The IPO raised $4.4 billion and left DuPont with a 70%controlling interest in Houston-based producer.

General Electric announced subsidiary GE Power Systems it isbuying the heavy duty gas turbine business of Alstom France SA,ending a long-standing licensing relationship. The two companieshad been partners in a joint venture, European Gas Turbines NV(EGT), with GE owning 10%. The new agreement calls forEGT to sellthe large turbine business to GE while Alstom will acquire GE’sshare of EGT. The net consideration for both transactions is $910million. As part of the transaction GE Power Systems will acquireall of Alstom’s heavy duty gas turbine operations in Germany andFrance and service organizations in Singapore and Argentina. In1998, Alstom’s heavy duty gas turbine business had revenues of $830million and experienced double digit growth.

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