reuters21578.txt

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19870409	BERLINER BANK ISSUES 50 MLN AUSTRALIAN DLR BOND Berliner Bank AG Berlin is issuing a 50 mln Australian dlr eurobond due November 13, 1990 paying 14-1/4 pct and priced at 101-1/2 pct, lead manager Banque Paribas Capital Markets said.     The non-callable bond is available in denominations of 1,000 Australian dlrs and will be listed in Luxembourg. The selling concession is one pct while management and underwriting combined pays 5/8 pct.     The payment date is May 13 and there will be a long first coupon period.  REUTER 3;
19870409	BERMUDA SEEKS 40 MLN DLR REVOLVING CREDIT The Government of Bermuda is seeking a 40 mln dlr, seven year revolving credit, which will be the only credit outstanding in its own name, N.M. Rothschild and Sons Ltd said as arranger and agent.     The credit will pay a margin of 20 basis points over U.S. Dollar London Interbank Offered Rates (LIBOR) and will incorporate a tender panel for U.S. Dlr advances.     There is a 10 basis point annual facility fee in years one to four, rising to 12-1/2 points thereafter.  A 7-1/2 basis point participation fee is payable on the transaction, which started syndication this week.  Reuter 3;
19870409	BEVIS <BEVI> RECEIVES TAKEOVER INQUIRIES Bevis Industries Inc, which has been seeking to be acquired, said it recently received inquiries concerning the purchase of the company.     The company did not identify the parties that made the inquiries, but it said they had been referred to its investment bankers, Tucker, Anthony and R.L. Day Inc, for study.     On March 18, the company said it engaged Tucker, Anthony to seek purchasers of its operating units, Greenville Tube Corp and MD Pneumatics Inc.  Reuter 3;
19870409	BFIM-SOVAC OFFERS BOND REDEMPTION Banque de Financement Immobilier SOVAC, BFIM-SOVAC, launched an offer to repurchase its 14.30 pct 1980 bond issue at a price of 2,180 francs per bond, a Paris Bourse statement said.     The repurchase offer, managed by Lazard Freres et Cie, opens April 10 and closes April 27. The 140 mln franc issue comprised 70,000 bonds of 2,000 franc nominal value each.  Reuter 3;
19870409	BOND INTERNATIONAL SELLS H.K. RESIDENTIAL BUILDING <Bond Corp International Ltd> said it has sold a residential block at Hong Kong's mid-levels to a joint venture between Sun Hung Kai Properties Ltd <SHKP.HK> and <New Town (N.T.) Properties Ltd> for 138 mln H.K. Dlrs.     Bond International, a subsidiary of the Australia based Bond Corp Holdings Ltd <BONA.S>, will receive net profits of about 16 mln dlrs from the deal.     The firm bought the building, which has total floor spaces of 110,580 sq ft and is now fully let, as part of a parcel of properties which it acquired from Hongkong Land Co Ltd <HKLD.HK> for 1.43 billion dlrs late last year.  REUTER 3;
19870409	BRAMALL TO ACQUIRE GELCO FOR UP TO 26.3 MLN DLRS <C.D. Bramall Plc> said in a statement accompanying its annual results that it proposed to acquire Gelco U.K. For some 26.3 mln dlrs.     Part of the cost will be met by the issue of 2.14 mln new ordinary Bramall shares which are being placed at 265p each.     The acquisition will be satisfied by an initial payment of some 25.3 mln dlrs in cash with further payments of 500,000 dlrs up to a maximum 26.3 mln dlrs. These further payments will only be made if profits achieved by Gelco for the year ending July 31, 1987 reach a certain level.     Bramall shares were trading 6p lower at 278p.  REUTER 3;
19870409	BRAZIL COCOA EXPORTERS UNLIKELY TO LIMIT SALES Brazilian cocoa exporters are not likely to follow the example of Cocoa Producers Alliance, CPA, members, who may limit sales of the product in an effort to boost world prices, trade sources said.     They said a similar procedure was taken in the past in Brazil and that it did not work out according to plans.     "The cocoa market is completely free. Unlike coffee, which is controlled through export registrations, cocoa exporters in Brazil operate at their own free will," a trade source said.     The traders were responding to questions whether they would follow the example of CPA members meeting in Yaounde.     The sources said the Banco do Brasil's Foreign Trade Department, CACEX, never interferes in the cocoa market by rejecting sales that do not meet certain price or shipment criteria.     "The position of local producers is always to negotiate as they please. If they buy for ten and sell for eleven and think it's a good deal, they are free to go ahead," one source added.  Reuter 3;
19870409	BRAZIL COTTON CROP LOWER -- USDA REPORT Brazil's 1986/87 cotton crop estimate has been reduced to 710,000 from 735,000 tonnes (lint basis), the U.S. Agriculture Department's officer in Sao Paulo said in a field report.     The report, dated April 7, said the reduction is based on an expected smaller harvest in the center-south region.     The center-south crop is now estimated at 550,000 tonnes -- 25,000 tonnes below the previous estimate.     Hot, dry weather during part of January and excessive rains in some areas in February reduced yield prospects and may have affected quality, the report said.     Nearly 60 pct of the crop has been harvested in Parana and slightly less in Sao Paulo, it said. Cotton entering gins is of fairly good quality, according to trade sources, it said.  Reuter 3;
19870409	BRAZIL SOYBEAN YIELDS SEEN AVERAGE - USDA REPORT Based on field travel in the Brazilian state of Parana, soybean yields should be about average or 2.0 to 2.2 tonnes per hectare, the U.S. Agriculture Department's officer in Sao Paulo said in a field report.     The report, dated March 24, noted Parana accounts for about 20 to 24 pct of Brazil's total soybean crop.     It said generally favorable weather from early December through February helped compensate for earlier dryness.     However, hot, dry weather during the past 20 to 30 days followed by an unseasonably brief cold spell during the second week of march has raised concern about late planted soybeans which are still immature, but the impact may be localized, the report said.     The corn crop is expected to be a record and will create serious storage problems, the report said.     Due to favorable support prices, corn area increased by more than 25 pct at the expense of soybeans, and yields are expected to be above average, it said.     Due to late plantings only about 20 pct of the corn crop crop has been harvested.     During the field trip long truck lines were noted at grain elevators where preference is given to soybeans over corn, the report said.     New crop wheat plantings are expected to decline  -- Parana accounts for about 60 pct of total production. Major reasons for the decline are expected reduced government support price and good summer crop harvests.  Reuter 3;
19870409	BRAZILIAN SOY RAINFALL THE FOLLOWING RAINFALL WAS RECORDED IN THE 24 HOURS UP TO (1200) GMT TODAY     PARANA STATE: CASCAVEL NIL, PONTA GROSSA NIL,CAMPO MOURAO NIL, LONDRINA NIL, MARINGA NIL.     RIO GRANDO DO SUL STATE: PASSO FUNDO NIL, SANTA MARIA 7.0 MILLIMETRES, CRUZ ALTA 8.5 MM, SAO LUIZ GONZAGA 4.4 MM. REUTER 3;
19870409	BRENDA MINES SELLING KERR ADDISON SHARES <Brenda Mines Ltd> said it sold 2,830,390 <Kerr Addison Mines Ltd> shares to a group of underwriters led by Wood Gundy Inc and Brown, Baldwin Nisker Ltd for redistribution.     Financial terms were undisclosed.  Reuter 3;
19870409	BRITISH AIRWAYS ISSUES 100 MLN STG EUROBOND British Airways Plc <BAB.L> is issuing a 100 mln stg eurobond due May 6, 1997, paying 9-1/2 pct and priced at 101-1/2, lead manager Union Bank of Switzerland said.     The non-callable bond is available in denominations of 1,000 and 10,000 stg and will be listed in London. The selling concession is 1-1/4 pct while management and underwriting combined pays 3/4 pct.     Payment date is May 6.  REUTER 3;
19870409	BUNDESBANK SEES NO CHANGE IN MONETARY COURSE The Bundesbank sees no current reason to change monetary course, vice-president Helmut Schlesinger told Reuters in a telephone interview.     Schlesinger was responding to questions following remarks yesterday by Bundesbank board member Claus Koehler and West Berlin state central bank president Dieter Hiss, which, dealers said, revived some speculation that German interest rate cuts may once again be under discussion.     Schlesinger said he had no comment on the remarks of his two central bank council colleagues.     But he added that the last central bank council meeting on April 2 had discussed the economic situation with a mood of "subdued optimism," particularly influenced by the news brought by several state central bank presidents.     "Much is going better than the impression gained by the public from the January figures, which have been in the meantime superseded," he said.     German January industrial output fell 3.0 pct after a decline of 0.9 pct in December. New industry orders fell 1.9 pct after they had been unchanged in December.     Bank economists said that the two together showed the economy would either stagnate or contract in the first quarter of 1987.     Aside from the economic developments, Schlesinger added, a steady monetary course was important to hold the dollar/mark rate around current levels as Bundesbank president Karl Otto Poehl had said while attending the Washington World Bank/IMF meeting.     Asked, however, if the Bundesbank could move to cut rates on repurchase agreements at the setting of the next repurchase tender, due next Tuesday, Schlesinger said, "Since the central bank council gives its opinion on this theme only every 14 days, this is hardly probable."     Responding to the question whether the Bundesbank had moved away from a policy of targetting monetary growth toward one of targetting currency rates, Schlesinger said he could have no comment on the subject while negotiations were still in progress in Washington.  REUTER 3;
19870409	BURLINGTON INDUSTRIES <BUR> SELLS CONVERTIBLES Burlington Industries Inc is raising 75 mln dlrs through an offering of convertible subordinated debentures due 2012 with a 6-1/4 pct coupon and par pricing, said lead manager Kidder, Peabody and Co Inc.     The debentures are convertible into the company's common stock at 63.50 dlrs per share, representing a premium of 18.1 pct over the stock price when terms on the debt were set.     Non-callable for three years, the issue is rated Ba-2 by Moody's Investors Service Inc and BBB by Standard and Poor's Corp. Merrill Lynch Capital Markets and Salomon Brothers Inc co-managed the deal.  Reuter 3;
19870409	BURMAH OIL PROSPECTS REMAIN FAVOURABLE The current year has opened well, with trading prospects remaining favourable, Burmah Oil Co Plc <BURM.L> said in a statement with its 1986 results.     The company plans to maintain a steady rate of investment in its marketing operations and to obtain improved profit margins on its liquified natural gas, LNG, project.     Burmah has the financial capacity to continue making acquisitions within its business sectors, it added. The rationalisation programme, including sale of the Bahamas oil terminal and all peripheral activities, is now complete.     Pre-tax profit for 1986 rose to 105.9 mln stg from 79.6 mln. REUTER^M 3;
19870409	C.O.M.B. <CMCO> MAKES ACQUISITION C.O.M.B. Co said it acquired for 8.7 mln dlrs the principal assets of National Tech Industries Inc and Telkon Corp.     The companies are engaged in servicing, sales and telemarketing of consumer electronic merchandise.  Reuter 3;
19870409	C.O.M.B. <CMCO> MAKES ACQUISITION C.O.M.B. Co said it has acquired the principal assets of National Tech Industries Inc and Telkom Corp, which are engaged in the sale and telemarketing of consumer electronic merchandise and do business as House of Imports and N.L. Industries respectively.     The company said it paid a total of 8,700,000 dlrs, including the assumption of liabilities.     National Tech had sales of about 23 mln dlrs for 1986, it said.  Reuter 3;
19870409	CADILLAC FAIRVIEW SAYS IT RECEIVED TAKEOVER BIDS <Cadillac Fairview Corp Ltd> said it received proposals to acquire the company, following its announcement last August that it had retained investment dealers to solicit offers for all outstanding common shares.     Cadillac Fairview said the offers are subject to clarification and negotiation and offered no further details.  Reuter 3;