UGI to acquire troubled company

Article Abstract:

UGI Corp. said that it would sell its utility division and purchase Unisource Worldwide Inc. The announcement caused UGI shares to drop 21.5 percent. The deal would unite UGI's propane-distribution business with Unisource's distribution of maintenance supplies, packaging, and printing and imaging paper. UGI also said it would cut its dividend to 75 cents per share from $1.46 and buy back up to 20% of its common stock. UGI would exchange 0.566 of UGI share for each Unisource share. Pending regulatory and shareholder approvals, the deal could close by June.

Asset sales & divestitures, Strategy & planning, Acquisitions & mergers, Electric, Gas & Water Utilities, Utilities, ELECTRIC, GAS, AND SANITARY SERVICES, Paper and Paper Product Wholesalers, Paper & Products, Whsle, Paper and Paper Products, Public utilities, UGI Corp., UGI, Paper products wholesalers, Unisource Worldwide Inc. (Norcross, Georgia), UWW

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European slump tips Crown's profits; the can-maker says earnings this quarter will be 25 percent below earlier estimates

Article Abstract:

Crown Cork and Seal Company Inc (Philadelphia, PA) says it will not meet earnings projections for its second quarter ending Jun 30, 1999. The can manufacturer says its 2nd quarter 1999 earnings will be about $0.75/share, compared with earlier projections of $0.90/share. Crown now expects its full-year 1999 earnings to be just above $2.33/share. First Call is now expecting Crown's full-year 1999 earnings to be just $2.15/share. Crown blamed weak European and US demand for the earnings slump.

Sales, profits & dividends, Pennsylvania, Metal Can Manufacturing, Metal Forgings & Stampings, Forging and Stamping, Aluminum Cans, Metal industries, Crown Cork and Seal Company Inc.

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