Word: tenneco
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...generations of gas-turbine-powered destroyers and big helicopter assault ships, has petitioned a federal court in Los Angeles for a ruling that in effect would permit the company to halt construction of the assault ships on Aug. 1. Similarly, the giant Newport News shipyard, a subsidiary of Tenneco, has asked a federal court for permission to stop work on a guided-missile cruiser. On its own, the Newport News yard, which has been building Navy ships since 1897, has suspended construction of the most advanced U.S. nuclear carrier, the Carl Vinson...
Over the weekend, Tenneco Inc., told the SEC that it had paid $12 million to attorneys, advisers, consultants and agents in 24 foreign countries. The company said that two payments totaling $10,000 to an official of an unnamed government "were improperly described on the books of the company and may have been improperly deducted for U.S. income tax purposes." Tenneco also acknowledged making contributions to candidates in Louisiana that violated state law. Meanwhile, there were reports that the Venezuelan Government was investigating bribes paid by Occidental Petroleum to local officials...
...takeover, Crane, which produces steel, valves and aerospace equipment and has sales of more than $1 billion a year, made its bid last fall. It offered a debenture with a market value of $17.58 paying 8% interest for each of 5 million Anaconda shares, or 23% of the total. Tenneco proposes to take all Anaconda stock in exchange for a new issue of Tenneco preferred, convertible into common. The terms work out to stock worth about $22 for each Anaconda share; Anaconda closed last week...
...master of the takeover game, is no man to back away from a fight. "He loves a contest, thrives on it," says a onetime associate. "He's an asset player-buys them cheap." Predictably, Evans declared last week that he would vote Crane's shares against the Tenneco merger...
Analysts felt both the Crane and Tenneco offers too low. Many consider Anaconda a company with potential for a strong comeback. Copper prices are expected to rise because shipments from Africa are being disrupted by the Angolan civil war. The company will probably be acquired by somebody, but it may be neither Crane nor Tenneco...