Conoco Inc. filed a registration statement with the Securities
and Exchange Commission (SEC) outlining a split-off plan from
DuPont that will establish Conoco as a fully independent company.
The proposed split-off would be achieved through an exchange offer
in which DuPont stockholders would be given an opportunity to
exchange DuPont common stock for shares of Conoco Class B common
stock currently held by DuPont. The split-off is expected to be
completed in the third quarter. Last autumn, DuPont sold 30% of
Conoco 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 is
buying the heavy duty gas turbine business of Alstom France SA,
ending a long-standing licensing relationship. The two companies
had been partners in a joint venture, European Gas Turbines NV
(EGT), with GE owning 10%. The new agreement calls for EGT to sell
the large turbine business to GE while Alstom will acquire GE's
share of EGT. The net consideration for both transactions is $910
million. As part of the transaction GE Power Systems will acquire
all of Alstom's heavy duty gas turbine operations in Germany and
France and service organizations in Singapore and Argentina. In
1998, Alstom's heavy duty gas turbine business had revenues of $830
million and experienced double digit growth.
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