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Wednesday, July 2 1997

World Briefing -- Japan-US consortium wins Turkish order


NKK Corp and Marubeni Corp said on Tuesday that they were part of an international consortium that had won an order worth a total of around 10 billion yen from Turkey's state-owned steel producer for steel treatment equipment. Other members of the group are Mitsubishi Electric Corp and Itam Techint Italimpianti Inc (Itam) of the United States, the companies said. The equipment will be installed at Eregli Iron and Steel Works Co in Eregli, Turkey, with operations starting by September 1999.

Triton hits 6th gas find in Thailand Gulf: Triton Energy of the United States said a sixth natural gas field has been discovered in its Block A-18 in the Malaysia-Thailand Joint Development Area (JDA). In a statement received Triton said the Bumi-East-1 well tested a daily rate of 34 million cubic feet per day of gas and 1,681 barrels per day (bpd) of condensate, Triton said. The JDA is situated in the Gulf of Thailand. The operator of the exploration work in Block A-18 is Carigali-Triton Operating Co, jointly owned by Petronas Carigali Sdn Bhd, the upstream subsidiary of Petronas and a subsidiary of Triton.

Computer Sciences gets new contract: Computer Sciences Corp said it has been awarded a new expanded outsourcing contract worth more than $377 million over six years by the insurance company Australian Mutual Provident Society. The new contract expands the range of services covered bythe original contract signed between the two companies in November 1993, Computer Sciences said. Under the deal, AMP will pay for the services it receives according to the value they provide.

Qantas bags Queensland deals: Qantas Airways Ltd said on Tuesday it had won a two-year contract valued at A$16.5 million for air travel and related business from the state government of Queensland. The airline said the contract would begin in September this year and involved four state departments. It said the contract was won from five other bidders and followed a separate A$6 million contract from the state government's Queensland Rail department. British Airways Plc has a 25-per cent stake in Qantas.

Ipoh buys Adelaide street for A$8.25 m: Property investment and development company Ipoh Ltd bought an entire Adelaide street comprising ten commercial buildings for A$8.25 million, the joint sale agent Jones Lang Wootton (JLW) said on Tuesday. JLW director Andrew McIntyre said Ipoh, which developed Sydney's historic Queen Victoria Building, had indicated it planned to upgrade Leigh Street, in Adelaide's main commercial centre, with potential redevelopment in the longer term. Leigh Street includes four heritage listed buildings and popular restaurants. Linotype shareholders to get 44.04 marks: The management boards of Linotype-Hell AG and its parent company Heidelberger Druckmaschinen AG have agreed that Heidelberger will pay 44.04 marks for each Linotype share it does not already own, Linotype said on Tuesday. That means outstanding Linotype shareholders will receive two Heidelberger shares for evey five Linotype shares, Linotype, which makes high resolution laser image setters, said in a statement.

Eaton to buy Fusion Systems: Eaton Corp and Fusion Systems Corp said that they have a definitive agreement for Eaton to acquire Fusion Systems for $39 per share. The companies said the deal calls for Eaton to initiate a cash tender offer for all outstanding Fusion shares at $39 per share by no later than July 7. The tender offer will be subject to a majority of the outstanding Fusion shares on a fully diluted basis being tendered, and other customary conditions, the companies said.

Lexis-Nexis creates new unit: Lexis-Nexis, a research and information service, said it has created a new unit to offer research products and services to legal professionals. The new unit, Lexis Law Publishing is to be comprised Michie titles and the legal publications that Reed Elsevier Inc, the corporate parent of Lexis-Nexis, recently purchased from Thomson Corp. Michie publishes statutory codes along with practice handbooks.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.

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