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Perelman confirmed the sale of his CPC stake.

November 07, 1986

New York investor Ronald O. Perelman said that a group he controls sold its entire 7.6% stake in CPC International, putting to rest speculation that he intended to take over the company. Perelman said his group had acquired 3,680,645 shares of CPC between Oct. 14 and Nov. 3, at prices ranging from $71 to $85 each, and sold all of them to Salomon Bros. for $88.50 each. CPC is a major grocery products and corn-processing company.

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