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June 13, 1990

COMPAGNIE GENERALE D’ELECTRICITE SETTLES FOR 7%

By CBR Staff Writer

It appears that Compagnie Generale d’Electricite cannot yet afford to buy all of ITT Corp’s 37% stake in Alcatel NV, and has settled for another 7% for now, paying $640m and reducing the ITT stake to 30%, which is valued by the deal at $2,760m: it is also in ITT’s interest to let the stake out in tranches because Alcatel’s value is growing as it becomes more profitable.

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