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December 13, 1987

WESTERN UNION TO GET RESTRUCTURING PLAN APPROVED BY SHAREHOLDERS

By CBR Staff Writer

Western Union Corp is now confident of getting the main planks of its restructuring plan approved by shareholders at the meeting that was adjourned until today: it has neutralised the noisiest dissident to the plan, Marcello Valenzano, by offering him a seat on the board if the plan is approved in return for his voting his shares in favour of it; a key plank in the Upper Saddle River, New Jersey company’s plan is the merger of the heavily indebted Western Union Telegraph Corp subsidiary with the parent company prior to the whole group combining with ITT World Communications Inc.

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